CBOE changed the launch application for the ARK 21Shares Bitcoin ETF to include a joint oversight agreement to prevent fraud and market manipulation. These elements are taken from a statement from BlackRock.
“The exchange proposes to take additional steps […]to enhance our ability to obtain information that would be useful in detecting, investigating and deterring fraud and market manipulation”, the updated document says.
The CBOE expects to conclude the mentioned agreement with the operator of the Bitcoin spot trading platform. The name of the exchange is not mentioned. The partnership will complement the exchange’s market surveillance program.
Earlier, ARK Invest analyst Yassin Elmanjra pointed to the possibility of other applicants to supplement their proposals with similar ones. [с BlackRock] agreements.
SEC will consider the proposal from 21Shares, ARK and CBOE on August 13, 2023 – before the announcement from BlackRock.
News from the latter provoked a wave of proposals from other firms. Valkyrie, BlackRock, WisdomTree and Invesco entered the ETF race. Fidelity Investments is expected to do so soon.
To date, the SEC has rejected almost all applications for exchange-traded funds based on the first cryptocurrency. The commission made an exception for ProShares and Valkyrie Investments products, which are based on Chicago Mercantile Exchange bitcoin futures. Grayscale sued the regulator after a negative response.
Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.
Elmanjra of ARK Invest stressed that BlackRock’s application for a bitcoin exchange-traded fund could be “a turning point in digital gold’s journey to institutional acceptance.”
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