- The ETF registrations were “inadequate” as per SEC was out on Friday.
- Blackrock had already picked Coinbase as its SSA partner.
Four companies resubmitted their spot bitcoin ETF applications on Friday after it was reported that SEC was dissatisfied with the previous round of filings by several major financial institutions. These institutions included Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco.
Information that the ETF registrations were “inadequate” was out on Friday by people familiar with the matter, according to an article by WSJ.
A Cboe official reportedly acknowledged in the WSJ report that the exchange plans to resubmit its spot bitcoin ETF registrations. After promising to revise and update the documents given by Fidelity, Vaneck, Invesco, and Wisdomtree, Cboe followed through.
Banking on Coinbase
On Friday, a major change to the modifications took place when Coinbase was added as an SSA partner. Blackrock had already picked Coinbase as its SSA partner, and although they didn’t resubmit their applications, neither did Ark.
To this day, the U.S. regulatory authority has doubts about the spot Bitcoin ETF’s sponsors’ capacity to protect investors from fraud and manipulation. Despite the SEC’s approval of several futures ETFs, spot Bitcoin ETF is facing a hard time.
Intriguingly, both the most recent ETF applications and Blackrock’s filing include Coinbase as an SSA partner. But it’s worth noting that Coinbase is in the middle of a legal battle with the securities regulator as a result of a complaint brought by the SEC against the exchange.
The community is waiting to see whether the SEC will accept the resubmitted spot Bitcoin ETF filings now that Coinbase has been added as a surveillance-sharing partner, especially amid the legal battle.
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