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Jeremy Schwartz, World 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 stated:
“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] value manipulation.”
The U.S. Securities and Change Fee (SEC) has rejected all spot cryptocurrency ETFs thus far. Nonetheless, the company authorised 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 despite the very fact the futures market relies on spot costs. He advised that the company authorised these ETFs partially as a result of the futures market shares info with the SEC.
He went on to say that knowledge sharing surveillance agreements “may very well be one of many key factors” that the SEC considers in approving spot Bitcoin ETF functions.
WisdomTree has submitted an ETF software
WisdomTree submitted a brand new software 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 software activates whether or not it will possibly work with the SEC to make it “snug” with the proposed value surveillance.
When requested about broader issues 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 take into account securities, however that they’ve handled Bitcoin as a commodity moderately than a safety.
He additional advised that knowledge sharing surveillance agreements may assist the SEC overcome every of its issues 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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