On June 30, reports emerged that the U.S. Securities and Exchange Commission (SEC) has returned recent spot Bitcoin exchange-traded fund (ETF) applications. The applications, submitted by exchanges on behalf of BlackRock and Fidelity Investments, among others, were deemed not “sufficiently clear or comprehensive.”
An anonymous source cited by the Wall Street Journal shared that the applications failed to identify the spot Bitcoin exchange that would enter into a “surveillance sharing agreement” (SSA) with Nasdaq and Cboe. This agreement is a prerequisite for the SEC, aimed at preventing fraud and manipulation in the underlying market of an asset.
Intermarket Surveillance Group
According to the filings, both Nasdaq and the Chicago Board Options Exchange (Cboe Global Markets), which plan to list many of the recently filed spot-Bitcoin ETFs, did not express an intention to enter an SSA with a spot crypto exchange.
Instead, they clarified their intention to enter SSAs with the Chic
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