The U.S. Securities and Exchange Commission (SEC) submitted several filings on Sept. 28 that concern pending spot Bitcoin exchange-traded funds (ETFs).
Those filings act as orders that institute proceedings through which the SEC will determine whether to approve or reject proposed rule changes. If these rule changes are approved, it could pave the way for spot Bitcoin ETFs to commence trading on commodities exchanges.
The SEC seeks comments on various matters through its latest filings. The first section largely asks commenters for their views on whether the proposed spot Bitcoin ETFs are vulnerable to, or are capable of preventing, fraud and manipulation.
In another section, the SEC asks commenters whether they believe certain aspects of Bitcoin — such as its geographically distributed trading activity, its relatively slow transactions, and the amount of capital required for significant participation on each trading platform — make the market inherently resistant to market manipulation.
The SEC also asks commenters whether they agree that a surveillance-sharing agreement with Coinbase would help to detect, investigate, and prevent fraud. Several pending ETFs added this agreement with Coinbase through amendments in mid-July.
Elsewhere, the SEC asks commenters whether the Chicago Mercantile Exchange (CME) represents a regulated market of significant size compared to spot Bitcoin. Later, it asks commenters for their views on the correlation between Bitcoin spot markets and the CME Bitcoin futures market.The SEC has previously approved Bitcoin futures ETFs, suggesting that any similarity could potentially influence its decision on the new class of spot Bitcoin ETFs.
Blackrock, Valkyrie, and others affected
The SEC published orders for multiple ETFs simultaneously. Two filings concern proposals from BlackRock (iShares) and Valkyrie, which aim for Nasdaq listings, while another concerns an Invesco Galaxy proposal that aims for a Cboe BZX list
Go to Source to See Full Article
Author: Mike Dalton
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
