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The U.S. Securities and Exchange Commission (SEC) has been seeking public opinion on a spot application for a Bitcoin exchange-traded fund (ETF) recently filed by an asset management firm. The filing of a public opinion request marks the first step to processing the filing.
Last week the SEC asked the public to express its opinion regarding the application made through the market operator, Cboe Global Markets. The spot Bitcoin ETF app was created on behalf of WisdomTree, VanEck, Invesco Galaxy, Wise Origin, and a joint app between Ark Invest and 21Shares.
In a separate document, the regulator asked for feedback on an application submitted by the Nasdaq on behalf of BlackRock, the world’s largest asset management company. BlackRock sought regulatory approval for a spot Bitcoin ETF in June, Finance Magnates reported.
In the application, the company notes that the fund will be named iShares Bitcoin Trust and will use the custodial services offered by Coinbase. Additionally, BlackRock plans to use the CME CF Bitcoin Reference Rate (BRR) to track Bitcoin prices. BRR is the daily reference rate of the Bitcoin price in US dollars.
However, according to documents issued by the SEC, the application must be filed on a federal register before a final decision is made. Once the application is filed in the register, the SEC has between 45 and 90 days to make a decision.
New Application Cboe Files
A week ago, Cboe submitted an amended application to register spot Bitcoin ETFs on behalf of Fidelity, WisdomTree, VanECK, and Invesco, after signing a supervisory sharing agreement (SSA) with Coinbase.
The agreement, which market operators say will be implemented before the ETF is listed, forms part of the recommendations set by the SEC. An SSA is an agreement made by a company that lists spot Bitcoin ETFs and spot exchanges. Under the agreement, exchanges are required to share information about suspicious activity on the market with regulators.
In the past, the SEC has rejected applications for spot Bitcoin ETFs because the proposals did not meet standards for preventing fraud and market manipulation. In 2021, authorities rejected VanEck’s application on the same basis.
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The U.S. Securities and Exchange Commission (SEC) has been seeking public opinion on a spot application for a Bitcoin exchange-traded fund (ETF) recently filed by an asset management firm. The filing of a public opinion request marks the first step to processing the filing.
Last week the SEC asked the public to express its opinion regarding the application made through the market operator, Cboe Global Markets. The spot Bitcoin ETF app was created on behalf of WisdomTree, VanEck, Invesco Galaxy, Wise Origin, and a joint app between Ark Invest and 21Shares.
In a separate document, the regulator asked for feedback on an application submitted by the Nasdaq on behalf of BlackRock, the world’s largest asset management company. BlackRock sought regulatory approval for a spot Bitcoin ETF in June, Finance Magnates reported.
In the application, the company notes that the fund will be named iShares Bitcoin Trust and will use the custodial services offered by Coinbase. Additionally, BlackRock plans to use the CME CF Bitcoin Reference Rate (BRR) to track Bitcoin prices. BRR is the daily reference rate of the Bitcoin price in US dollars.
However, according to documents issued by the SEC, the application must be filed on a federal register before a final decision is made. Once the application is filed in the register, the SEC has between 45 and 90 days to make a decision.
New Application Cboe Files
A week ago, Cboe submitted an amended application to register spot Bitcoin ETFs on behalf of Fidelity, WisdomTree, VanECK, and Invesco, after signing a supervisory sharing agreement (SSA) with Coinbase.
The agreement, which market operators say will be implemented before the ETF is listed, forms part of the recommendations set by the SEC. An SSA is an agreement made by a company that lists spot Bitcoin ETFs and spot exchanges. Under the agreement, exchanges are required to share information about suspicious activity on the market with regulators.
In the past, the SEC has rejected applications for spot Bitcoin ETFs because the proposals did not meet standards for preventing fraud and market manipulation. In 2021, authorities rejected VanEck’s application on the same basis.
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