SEC Seeks Public Opinion Ahead of Groundbreaking Decision on Spot Bitcoin ETFs

SEC Seeks Public Opinion Ahead of Groundbreaking Decision on Spot Bitcoin ETFs

The US Securities and Exchange Commission (SEC) has
sought public opinion about the spot Bitcoin exchange-traded fund (ETF) applications
recently filed by asset management companies. The submission of the applications for public opinion
marks the initial step for processing the filings.

Last week the SEC asked
the public to submit their opinion concerning the applications made
through the market operator, Cboe Global Markets. The spot Bitcoin ETF applications were
made on behalf of WisdomTree, VanEck, Invesco Galaxy, Wise Origin, and a joint application between Ark Invest and 21Shares.

SEC Acknowledges
BlackRock’s Application

In a separate document,
the regulator asked for feedback for the application submitted by Nasdaq on
behalf of BlackRock, the world’s largest asset management company. BlackRock
sought the regulator’s approval
for a spot Bitcoin ETF in
June, Finance Magnates Reported.

In the application, the company noted that the fund will be named iShares Bitcoin Trust and will use
the custodian services offered by Coinbase. Additionally, BlackRock is planning
to use CME CF Bitcoin Reference Rate (BRR) to track the price of Bitcoin. BRR
is a daily reference rate of the price of Bitcoin in US dollars.

However, according to
the documents published by the SEC, the applications must be filed in the federal
register before the final decision is made. Once the applications are filed in
the register, the SEC has between 45 to 90 days to make a
decision.

Cboe Files Fresh
Applications

A week ago, Cboe filed
amended applications to
list spot Bitcoin ETFs on behalf of Fidelity, WisdomTree, VanECK, and
Invesco, after entering into a surveillance-sharing agreement (SSA) with Coinbase.

The agreement, which the
market operator said will be implemented before the ETFs are listed, is part of
the recommendations set by the SEC. An SSA is an agreement entered into by thecompany listing a spot Bitcoin ETF and a spot exchange. In the agreement, the
exchange is required to share any information about suspicious activities in
the market with the regulator.

In
the past, the SEC has rejected applications for spot
Bitcoin ETFs on the basis that the proposals do not meet the standards to prevent fraud and market manipulation. In 2021, the authority rejectedan application by VanEck on
the same basis.

.

This article was written by Jared Kirui at www.financemagnates.com.

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