- Nasdaq resubmits demands for place Bitcoin ETF, including surveillance-discussing agreement.
- Valkyrie persists in seeking SEC approval for place BTC ETF.
- Transitioning to place ETFs could legitimize cryptocurrencies for institutional investors.
Nasdaq, the famous stock market, has resubmitted its request a guide switch to the U.S. Registration (SEC) to permit your opportunity of the place Bitcoin exchange-traded fund (ETF) for that Valkyrie Bitcoin Fund.
This recent filing on This summer 3 incorporated a notable addition—a “surveillance-discussing agreement” with Coinbase, the prominent cryptocurrency exchange. The agreement aims to allow Nasdaq extra use of data regarding place Bitcoin trades, which might enhance the likelihood of regulatory approval.
Previously week, other asset managers, namely BlackRock and Fidelity, have adopted suit and incorporated surveillance-discussing contracts within their ETF refilings. On June 30, the SEC expressed concern that previous crypto ETF filings with Nasdaq and Cboe needed more clearness and comprehensiveness. This hint in the regulatory body shows that surveillance plans can be advantageous in securing approval for that applications.
Valkyrie also re-filed their 19b-4, like BlackRock they mention specific SSA agreement w/ Coinbase, even appears more aggressive (more utilisation of the words ‘executed’ and ‘agreement’) Additionally they, like BlackRock, call Coinbase largest US place bitcoin exch h/t @NateGeraci pic.twitter.com/NDYKSzJeq9
— Eric Balchunas (@EricBalchunas) This summer 5, 2023
Valkyrie’s Persistence in Going after a Bitcoin ETF
Valkyrie, a cryptocurrency fund manager, has persistently searched for approval because of its place BTC ETF in the SEC. While their newest attempt is made in June, the organization has requested this kind of investment vehicle since 2021. Despite effectively launching an ETF associated with Bitcoin futures in October 2021, Valkyrie has yet to achieve approval for any place ETF linked straight to cryptocurrency.
Numerous firms have searched for SEC approval for crypto investment vehicles in the last couple of years, although neglecting to succeed. Following a denial of Grayscale Investments’ place Bitcoin ETF in June 2022, an investment firm filed a suit accusing the regulator of sporadic treatment towards similar investment vehicles.
However, the inclusion of surveillance-discussing contracts in recent ETF filings shows that market participants adapt their ways of appease regulatory concerns. Considerably, this shift may change up the prospects of approving Bitcoin ETFs, potentially paving the way in which for elevated institutional participation within the crypto market. Consequently, when the SEC deems the surveillance plans acceptable, it might mark a substantial level for that industry.
With Nasdaq resubmitting its request a Valkyrie Bitcoin ETF and together with a surveillance-discussing agreement with Coinbase, the road toward approving a place is beginning to change.
The current inclusion of comparable contracts by BlackRock and Fidelity underscores the industry’s dedication to addressing regulatory concerns. Furthermore, crypto awaits a breakthrough because the SEC aims for clearness and comprehensive information during these filings. Transitioning from futures-based ETFs to place ETFs could further legitimize cryptocurrencies within the eyes of institutional investors, potentially driving significant growth on the market.
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