Following BlackRock, InvescoUS has also filed an application for a spot bitcoin ETF. thesamreynolds reports.
after a futures ETF by ProShares was approved and began trading first.
In its filing, Invesco argued that the lack of a spot bitcoin ETF pushes investors towards riskier alternatives, as seen inInvesco also emphasized the need for investor protection, saying that approval for such a spot bitcoin ETF hinges on a surveillance sharing agreement with a significant, regulated market, not on the regulation of the spot bitcoin market itself.
Surveillance-sharing agreements facilitate the exchange of information concerning market trading activity, clearing processes, and customer identification, which would significantly reduce the potential for market manipulation – something the Securities and Exchange Commission is very concerned about., argued that Nasdaq could be brought in to fill this role.
“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Graeme Moore, Head of Tokenization, at the Polymesh Association, said earlier to CoinDesk. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.
So far, the SEC hasn’t given any indication as to when it plans to make an announcement regarding a bitcoin ETF., GrayScale CEO Michael Sonnenshein said he expects a decision in the case by September.
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