Nasdaq recently submitted an updated application for the iShares Bitcoin Trust. This comes just a week after reports that Nasdaq and the Chicago Board Options Exchange’s (Cboe) original filings for their Bitcoin (BCT) spot exchange traded funds (ETFs) were criticized by the Securities and Exchange Commission (SEC) for “lacking clarity and completeness.”
Nasdaq’s updated filing aims to address the deficiencies highlighted by the regulator.
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The updated application for the iShares Bitcoin Trust now includes a surveillance sharing agreement with Coinbase, bringing it in line with similar applications.
The surveillance data sharing agreement between Nasdaq and Coinbase involves the exchange of information and data related to the trading of BTC.
Under the agreement, Coinbase will provide Nasdaq with access to its technology and transaction monitoring tools to enable Nasdaq to ensure that trading activities related to the iShares Bitcoin Trust are conducted fairly and properly.
Nasdaq will use the information provided by Coinbase to monitor the BTC market and identify unusual or potentially manipulative trading activity. This will help Nasdaq maintain the integrity and transparency of the market and ensure that the iShares Bitcoin Trust operates in compliance with all relevant regulations.
The surveillance sharing agreement is an important step towards the approval of the iShares Bitcoin Trust, as the SEC has previously raised concerns about the potential for market manipulation in the cryptocurrency space.
By using Coinbase’s transaction monitoring technology, Nasdaq hopes to allay those concerns and demonstrate that it has adequate oversight and monitoring mechanisms in place.
Last week, the Cboe exchange also filed similar applications for its Bitcoin ETF, suggesting that both exchanges are determined to move forward with their respective offerings. The use of a shared oversight agreement with Coinbase is seen as a positive step towards SEC approval.
At the time of writing, BTC, the largest cryptocurrency on the market, is showing signs of a new upward momentum. After several days of stagnation, BTC has risen over 1% in the last 24 hours and is currently trading at $31,024.
The bitcoin price has managed to surpass the $31,000 mark. The high for the year at circa $31,400 is not far away and could be reached as early as in the next few days, as long as BTC keeps its momentum.
As most analysts point out, it is important for bitcoin to crack the $32,500 price level in order to trigger an upward rally towards $38,000 before the next strong resistance area is found.
Picture Copyright: piotrkt
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