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 stated:
“One of many issues that latest [spot Bitcoin ETF] filings have in frequent … is that they’re making an attempt 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 up to now. Nevertheless, the company accepted crypto futures ETFs beginning in late 2021 starting with ProShares’ providing, which went stay on Oct. 19 that 12 months.
Schwartz famous the SEC started to approve futures ETFs regardless of the very fact the futures market is predicated on spot costs. He urged that the company accepted 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 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 development.
Schwartz reiterated that WisdomTree’s software activates whether or not it could possibly work with the SEC to make it “snug” with the proposed worth surveillance.
When requested about broader considerations round fraud and lack of regulation, Schwartz famous that the SEC chair Gary Gensler desires “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 somewhat than a safety.
He additional urged that knowledge sharing surveillance agreements might assist the SEC overcome every of its considerations one by one.
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