Coinbase has once again driven the crypto industry into a frenzy, with the inclusion of a surveillance-sharing agreement (SSA) with global exchange operator, Cboe Global Markets. Cboe recently amended five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications to include the agreement reached between them and Coinbase on June 21.
Major Players Filing ETF Applications in the Crypto Space
The ETFs from financial giants such as Invesco, VanEck, WisdomTree, Fidelity, ARK Invest, and 21Shares have received the inclusion of the SSA. As outlined by the SEC on March 10, the agreements are necessary to protect investors from fraudulent conduct.
Fidelity, Invesco, Wisdom Tree, and Valkyrie filed their ETF applications following BlackRock‘s submission for SEC approval. Nasdaq has also resubmitted its application to list BlackRock’s ETF, along with the SEC Sensitive Asset (SSA) with Coinbase. This flurry of activity reflects the growing interest and involvement of major players in the crypto space.
Cboe’s filings had a significant impact on Coinbase shares, driving them up by almost 10% on June 11th. This surge marked the highest price the shares had reached since August 16. Some observers even speculate that this could be the long-awaited moment for the crypto trading world.
Coinbase’s Dominance in US Crypto Trading and its Significance for Cboe
However, the Coinbase vs. SEC saga continues. The SEC is still filing lawsuits against Coinbase for offering cryptos that the regulator considers to be unregistered securities. The absence of surveillance-sharing agreements has not discouraged Cboe from filing, and there is still optimism.
The SEC rejected Bitcoin ETF applications as surveillance-sharing agreements with major markets were lacking in the past. Cboe BZX Exchange has identified Coinbase as a significant market player, and Coinbase already dominates US-based crypto trading. The anticipation of ETF approval is fueling excitement in the industry, with a potential crypto boom expected. Coinbase and Cboe’s partnership may drive the crypto industry towards ETF approval by the SEC.
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