Nasdaq has listed Coinbase as a joint market watch partner on the updated Form 19b-4 for BlackRock’s Spot Bitcoin ETF.
According to the statement, Nasdaq has reached a preliminary agreement with the crypto company. The final agreement is planned to be concluded before the start of bidding.
“Spot BTC SSA is expected to become a bilateral surveillance exchange agreement between Nasdaq and Coinbase, which is intended to complement the exchange’s respective program,” the document says.
The move follows reports that last week the US Securities and Exchange Commission (SEC) issued a warning to Nasdaq and Cboe regarding applications for spot bitcoin ETFs from BlackRock, Fidelity and others. The regulator considered that they were not “clear and comprehensive”.
Invesco, VanEck, 21Shares, WisdomTree, and Fidelity promptly submitted updated proposals to the SEC. Form 19b-4 was amended accordingly by their prospective exchange partner, Cboe. BlackRock introduced a joint surveillance mechanism into the application earlier.
According to Bernstein analysts, the SEC will not be able to maintain its negative position on spot ETFs based on the first cryptocurrency for a long time. Experts noted that the regulator has already approved futures exchange-traded bitcoin funds (ProShares and Valkyrie Investments), including those with leverage from Volatility Shares.
Recall, Circle CEO Jeremy Allair predicted that the recent wave of applications for the launch of spot ETFs based on digital gold will lead to approval from the SEC.
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