Jeremy Schwartz, International Chief Funding Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Surveillance agreements might make SEC “snug”
Throughout a CNBC interview, Schwartz mentioned:
“One of many issues that latest [spot Bitcoin ETF] filings have in widespread … 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 authorised crypto futures ETFs beginning in late 2021 starting with ProShares’ providing, which went dwell on Oct. 19 that yr.
Schwartz famous the SEC started to approve futures ETFs despite the actual fact the futures market relies on spot costs. He urged 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 “might be one of many key factors” that the SEC considers in approving spot Bitcoin ETF purposes.
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 purposes from different companies together with Bitwise, Valkyrie Investments, Invesco — and BlackRock, which set off the development.
Schwartz reiterated that WisdomTree’s software activates whether or not it will probably work with the SEC to make it “snug” with the proposed worth 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 towards cryptocurrencies they contemplate securities, however that they’ve handled Bitcoin as a commodity quite than a safety.
He additional urged that knowledge sharing surveillance agreements might assist the SEC overcome every of its issues separately.
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