Bitcoin ETF Race: Ark Amends SEC Filing to Match BlackRock - Decrypt

Decrypt
Decrypt

29 Jun 2023 5:52 AM

The SEC has been adamant that no applicant has proven that they can adequately protect investors against manipulative practices....

  • ARK Invest has amended its SEC filing for a Bitcoin exchange-traded fund (ETF) to include a surveillance-sharing agreement.
  • The agreement, called "Spot BTC SSA," involves ARK, the Chicago Board Options Exchange (CBOE), and a cryptocurrency platform.
  • The purpose of the surveillance-sharing agreement is to prevent market manipulation by sharing information with regulators.
  • BlackRock, another company vying for a Bitcoin ETF, included a similar agreement in its filing last week.
  • ARK's revised filing could potentially help them secure approval before BlackRock, as ARK submitted their proposal earlier.
  • ARK's previous Bitcoin ETF application was rejected by the SEC due to concerns about market manipulation.
  • The SEC recently approved the first leveraged Bitcoin futures ETF, called BITX, which had a successful launch.

The sentiment of the article is generally positive, as it highlights ARK Invest's efforts to secure approval for a Bitcoin ETF and the potential significance of their surveillance-sharing agreement.

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You May Ask

What is the purpose of the surveillance-sharing agreement included in ARK Invest's SEC filing?Which companies are involved in the agreement?Why is the inclusion of a surveillance-sharing agreement significant in the context of Bitcoin ETF applications?What was the reason for ARK's previous Bitcoin ETF application being rejected by the SEC?What recent approval did the SEC grant in the Bitcoin ETF space?

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