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Jeremy Schwartz, Worldwide Chief Funding Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Surveillance agreements would possibly make SEC “comfortable”
All through a CNBC interview, Schwartz said:
“One among many points that present [spot Bitcoin ETF] filings have in frequent … is that they’re trying to have data sharing surveillance agreements between exchanges to help make the SEC comfortable with [the question of] value manipulation.”
The U.S. Securities and Change Charge (SEC) has rejected all spot cryptocurrency ETFs so far. Nonetheless, the corporate accepted crypto futures ETFs starting in late 2021 beginning with ProShares’ offering, which went reside on Oct. 19 that 12 months.
Schwartz well-known the SEC began to approve futures ETFs regardless of the precise reality the futures market depends on spot prices. He steered that the corporate accepted these ETFs partly because of the futures market shares data with the SEC.
He went on to say that data sharing surveillance agreements “could very properly be certainly one of many key components” that the SEC considers in approving spot Bitcoin ETF capabilities.
WisdomTree has submitted an ETF utility
WisdomTree submitted a model new utility for a spot Bitcoin ETF on June 20. It submitted that submitting alongside associated capabilities from completely different firms along with Bitwise, Valkyrie Investments, Invesco — and BlackRock, which set off the sample.
Schwartz reiterated that WisdomTree’s utility prompts whether or not or not it should probably work with the SEC to make it “comfortable” with the proposed value surveillance.
When requested about broader points spherical fraud and lack of regulation, Schwartz well-known that the SEC chair Gary Gensler wants “further official regulation.” He well-known that Gensler and his firm have taken movement in the direction of cryptocurrencies they give thought to securities, nevertheless that they’ve dealt with Bitcoin as a commodity pretty than a security.
He further steered that data sharing surveillance agreements would possibly help the SEC overcome each of its points one after the opposite.
The publish WisdomTree exec says data sharing agreements are a “key half” of Bitcoin ETF capabilities appeared first on CryptoSlate.
