BTC-Newswire

ARK Invest Gains Edge In Bitcoin ETF Approval Race With New Surveillance Agreement

Press Releases Crypto News Bitcoinist ARK Invest Gains Edge In Bitcoin ETF Approval Race With New Surveillance Agreement

With its latest filing update, asset management firm ARK Investment Management has gained an edge in the race for the first Bitcoin Spot exchange-traded fund (ETF) in the United States.

The firm has amended its 19b-4 application filing for spot Bitcoin ETF to include a surveillance sharing agreement with the Chicago Board Options Exchange (CBOE) and a crypto exchange, likely Coinbase, according to Bloomberg’s ETF analyst Eric Balchunas.

The new agreement puts ARK’s filing similar to BlackRock’s recent filing. It is more likely to be approved since they filed first in collaboration with the institutional investment firm 21Shares.

Who Will Win The Bitcoin ETF Race?

The Securities and Exchange Commission (SEC) has previously cited concerns about the lack of surveillance and regulatory oversight to reject previous Bitcoin ETF applications in the cryptocurrency market.

However, the agreement allows ARK to share surveillance information with the Chicago Mercantil Exchange (CME) futures markets and the crypto exchange, which could help the SEC in its quest to mitigate fraud and manipulation in the cryptocurrency market.

According to Balchunas, the SEC’s decision is expected in August, and any delay could be a bad sign for approval unless the delay is followed by approval of BlackRock’s ETF, which could indicate “favoritism.”

On the other hand, Ophelia Snyder, co-founder of 21shares, has responded to Bloomberg’s ETF analyst Eric Balchunas’ tweet about ARK Invest’s new surveillance sharing agreement with a crypto exchange.

Snyder clarified that there is no incentive for a crypto exchange to enter into an SSA with only one party, such as ARK Invest. These agreements aim to improve market transparency and linkages, which would be defeated if only one party was involved.

While ARK Invest’s new SSA with a

Go to Source to See Full Article
Author: Ronaldo Marquez

Did you like this?
Tip BTC Newswire with Cryptocurrency