Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Nasdaq Official Shares Perspectives on BlackRock’s Spot Bitcoin ETF and Regulatory Challenges
Giang Bui, Nasdaq’s Head of U.S. Equities & ETPs, has assured that the early dismissal of BlackRock’s proposed spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) should not impede its eventual success. Bui’s remarks on September 13 illuminated the complexities of the regulatory framework and the future trajectory for crypto ETFs.
BlackRock submitted its application for a spot Bitcoin ETF on June 15, with Nasdaq tasked with filing Form 19-b4, which details the necessary rule amendments for the product’s listing. However, on June 30, the SEC deemed the filing, along with others, insufficient, resulting in its premature rejection. Notably, this rejection was primarily related to regulatory procedural matters rather than the substance or potential feasibility of the product.
Bui clarified that such early rejections do not inherently signal a negative outcome for applicants. She noted that once the exchange submits Form 19-b4, the SEC has only seven business days to accept it if it adheres to SEC regulations concerning the form. This initial rejection is procedural and does not reflect the product’s viability.
After the initial rejection, Nasdaq and other parties revised several ETF applications, specifically naming Coinbase as a partner in the surveillance-sharing agreement. Bui recognized that this practice is atypical but stressed that it was undertaken to enhance the overall strength of the filing.
Related Posts
BlackRock’s proposed spot Bitcoin ETF is among several. Nasdaq is also managing a similar application from Valkyrie Investments. Additionally, other exchanges like Cboe are overseeing proposals from various asset management firms, including Ark Invest, VanEck, WisdomTree, Invesco, and Fidelity. Many of these proposals exhibit similarities and outline surveillance-sharing agreements with Coinbase.
In a different strategy, Grayscale seeks to convert its existing GBTC fund into a spot Bitcoin ETF. Bui acknowledged Grayscale’s proposal and its recent legal success, indicating that Nasdaq is thoroughly evaluating the implications for its filings.
Importantly, in late August, the SEC postponed its decisions on most of the spot Bitcoin ETF applications mentioned. The crypto community is now keenly anticipating the SEC’s upcoming decisions, expected in October, which will significantly influence the future of crypto ETFs in the United States.
In summary, while the early SEC rejection may have raised some concerns, Nasdaq’s Giang Bui offers important insights into the regulatory process surrounding crypto ETFs. The ongoing developments and discussions within the regulatory environment underscore the increasing interest and significance of crypto assets in traditional financial markets.
The post Nasdaq Executive Offers Insights on BlackRock’s Spot Bitcoin ETF and Regulatory Hurdles appeared first on BitcoinWorld.
