News - Bitcoin ETF applications resubmitted by Fidelity and Co.

By Ted Maas

Bitcoin ETF applications resubmitted by Fidelity and Co.

Bitcoin (BTC)
Investing
Laws and regulations

The SEC has rejected a number of Bitcoin ETF applications. Fidelity and Co. are now making a second attempt. BlackRock is waiting it out.

The U.S. Securities and Exchange Commission (SEC) and boss Gary Gensler have their hands full. When they are not busy with rumors of Gary’s resignation, they are constantly rejecting applications for bitcoin spot ETFs. Here’s what happened late last week. Applications from institutional giants like BlackRock and Fidelity were "insufficient," according to the SEC. And must be resubmitted. This reported the Wall Street Journal citing insiders.

The bitcoin ETF applications submitted did not provide enough information about supervisory arrangements, the SEC said. Most of the applications made improvements on the fly. The Chicago Board Options Exchange (Cboe) submitted the applications for Fidelity, WisdomTree, VanEck, Ark Invest and others. Only the world’s largest asset manager BlackRock is still watching and waiting.

SSA: Can Coinbase enable bitcoin ETFs?

Among the key missing details was a lack of information about surveillance sharing agreements (SSAs) with exchanges. These are designed to protect bitcoin spot ETFs.

All companies rely on crypto exchange Coinbase for these Surveillance Sharing Agreements. The additional agreement would "Provide additional access to data on bitcoin spot trades on Coinbase if the exchange determines it is needed as part of the surveillance program", according to Ark Invest’s new bitcoin ETF application, for example. Coinbase itself is in litigation with the SEC. Fidelity and co. don’t seem to be deterred by that. BlackRock also reportedly relies on Coinbase for its application.

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