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Jeremy Schwartz, International Chief Funding Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Surveillance agreements may make SEC “snug”
Throughout a CNBC interview, Schwartz mentioned:
“One of many issues that latest [spot Bitcoin ETF] filings have in frequent … is that they’re attempting to have knowledge sharing surveillance agreements between exchanges to assist make the SEC snug with [the question of] worth manipulation.”
The U.S. Securities and Trade Fee (SEC) has rejected all spot cryptocurrency ETFs so far. Nonetheless, the company permitted crypto futures ETFs beginning in late 2021 starting with ProShares’ providing, which went dwell on Oct. 19 that 12 months.
Schwartz famous the SEC started to approve futures ETFs regardless of the actual fact the futures market relies on spot costs. He prompt that the company permitted these ETFs partly as a result of the futures market shares data with the SEC.
He went on to say that knowledge sharing surveillance agreements “could possibly be one of many key factors” that the SEC considers in approving spot Bitcoin ETF functions.
WisdomTree has submitted an ETF utility
WisdomTree submitted a brand new utility for a spot Bitcoin ETF on June 20. It submitted that submitting alongside related functions from different companies together with Bitwise, Valkyrie Investments, Invesco — and BlackRock, which set off the pattern.
Schwartz reiterated that WisdomTree’s utility activates whether or not it may work with the SEC to make it “snug” with the proposed worth surveillance.
When requested about broader considerations round fraud and lack of regulation, Schwartz famous that the SEC chair Gary Gensler needs “extra official regulation.” He famous that Gensler and his company have taken motion in opposition to cryptocurrencies they contemplate securities, however that they’ve handled Bitcoin as a commodity quite than a safety.
He additional prompt that knowledge sharing surveillance agreements may assist the SEC overcome every of its considerations separately.
The publish WisdomTree exec says knowledge sharing agreements are a “key half” of Bitcoin ETF functions appeared first on CryptoSlate.
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