Jeremy Schwartz, International 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 stated:
“One of many issues that latest [spot Bitcoin ETF] filings have in frequent … is that they’re making an attempt to have information sharing surveillance agreements between exchanges to assist make the SEC comfy with [the question of] worth manipulation.”
The U.S. Securities and Change Fee (SEC) has rejected all spot cryptocurrency ETFs to this point. Nonetheless, the company accredited 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 despite the very fact the futures market is predicated on spot costs. He recommended that the company accredited these ETFs partially as a result of the futures market shares info 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 purposes.
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 purposes from different companies together with Bitwise, Valkyrie Investments, Invesco — and BlackRock, which set off the pattern.
Schwartz reiterated that WisdomTree’s software activates whether or not it could work with the SEC to make it “comfy” with the proposed worth 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 towards cryptocurrencies they think about securities, however that they’ve handled Bitcoin as a commodity reasonably than a safety.
He additional recommended that information sharing surveillance agreements may assist the SEC overcome every of its issues one by one.
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