{"id":36120,"date":"2023-07-15T14:54:54","date_gmt":"2023-07-15T18:54:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-acknowledges-fidelity-vaneck-wisdomtree-and-invesco-spot-bitcoin-etf-applications\/"},"modified":"2023-07-15T14:54:55","modified_gmt":"2023-07-15T18:54:55","slug":"sec-acknowledges-fidelity-vaneck-wisdomtree-and-invesco-spot-bitcoin-etf-applications","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36120","title":{"rendered":"SEC acknowledges Fidelity, VanEck, WisdomTree, and Invesco Spot Bitcoin ETF applications"},"content":{"rendered":"
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On July 14, the Securities and Exchange Commission (SEC) <\/strong>acknowledged the spot Bitcoin ETF<\/strong> applications submitted by Fidelity, VanEck, WisdomTree, and Invesco.\u00a0<\/p>\n

This acknowledgment, published on the SEC’s website, represents a significant milestone in the cryptocurrency industry’s pursuit of spot Bitcoin Exchange Traded Fund (ETF) approval.\u00a0<\/p>\n

Furthermore, similar acknowledgments were reported today for BlackRock, while companies like ARK Investment and BitWise had received acknowledgments from the regulator before that.<\/p>\n

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It’s important to understand that this acknowledgment only guarantees the immediate approval or rejection of the applications.\u00a0<\/p>\n

However, it does signify progress in the application process and a positive step forward. The SEC will now enter a period of deliberation, which is estimated to last around 240 days.\u00a0<\/p>\n

During this time, the regulatory body holds the authority to make decisions on the funds, including approving, denying, or postponing a decision, as suggested by analysts.\u00a0<\/p>\n

Additionally, the acknowledgment opens up the opportunity for the public to provide comments on the applications.<\/p>\n

The SEC’s historical reluctance to approve a spot BTC ETF has frustrated many market participants.<\/p>\n

However, the recent acknowledgment of these applications suggests that the SEC is actively considering the potential of these investment products.\u00a0<\/p>\n

One of the main concerns raised by the regulator is the susceptibility of Bitcoin’s price to manipulation.\u00a0<\/p>\n

Despite this, experts believe that investors are keen on accessing such a product because it would enable them to participate in Bitcoin without managing the asset’s custody.<\/p>\n

SEC Concerns Prompted Cboe and Coinbase Collaboration for Spot Bitcoin ETFs<\/h2>\n

The concerns raised by the SEC, as reported by The Wall Street Journal on June 30, 2023, revolve around the lack of clarity in the surveillance-sharing agreements<\/strong> (SSAs) between the asset managers<\/strong> (Fidelity, WisdomTree, VanEck, and Invesco) and the exchanges<\/strong> (Cboe Global Markets or Nasdaq) that would list the ETFs.\u00a0<\/p>\n

These SSAs are crucial for maintaining market integrity and preventing fraudulent or manipulative trading activities.<\/p>\n

To address these concerns, Cboe and Coinbase collaborated to enhance transparency and integrity in the proposed ETFs.\u00a0<\/p>\n

According to the filing from Nasdaq, the exchange reached an agreement with Coinbase on June 8 regarding a surveillance-sharing agreement.\u00a0<\/p>\n

Additionally, when Cboe’s BZX Exchange resubmitted its spot Bitcoin ETF applications, it named Coinbase the market for its surveillance-sharing agreement.<\/p>\n

In response to this partnership, Fidelity, VanEck, Invesco, and WisdomTree promptly resubmitted their filings on June 30.\u00a0<\/p>\n

The revised applications explicitly state their intention to enter a surveillance-sharing agreement with Coinbase, Inc.<\/p>\n

However, it is essential to note that no spot BTC ETF has been approved in the United States.\u00a0<\/p>\n

Nonetheless, the efforts made by the asset managers and their partnership with Coinbase demonstrate their commitment to addressing the SEC’s concerns and improving the chances of approval.<\/p>\n<\/p><\/div>\n