Jeremy Schwartz, World Chief Funding Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Surveillance agreements may make SEC “comfy”
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 information sharing surveillance agreements between exchanges to assist make the SEC comfy with [the question of] value manipulation.”
The U.S. Securities and Trade Fee (SEC) has rejected all spot cryptocurrency ETFs thus far. Nonetheless, the company authorised crypto futures ETFs beginning in late 2021 starting with ProShares’ offering, which went stay 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 authorised these ETFs partially as a result of the futures market shares data with the SEC.
He went on to say that information sharing surveillance agreements “might 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 comparable 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 will probably work with the SEC to make it “comfy” 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 contemplate securities, however that they’ve handled Bitcoin as a commodity moderately than a safety.
He additional prompt that information sharing surveillance agreements may assist the SEC overcome every of its issues separately.
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