Jeremy Schwartz, World Chief Funding Officer at WisdomTree, commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Surveillance agreements might make SEC “comfy”
Throughout a CNBC interview, Schwartz stated:
“One of many issues that current [spot Bitcoin ETF] filings have in widespread … is that they’re attempting to have knowledge sharing surveillance agreements between exchanges to assist make the SEC comfy with [the question of] value manipulation.”
The U.S. Securities and Change Fee (SEC) has rejected all spot cryptocurrency ETFs thus far. Nevertheless, the company authorised crypto futures ETFs beginning in late 2021 starting with ProShares’ providing, which went reside on Oct. 19 that 12 months.
Schwartz famous the SEC started to approve futures ETFs regardless of the very fact the futures market relies on spot costs. He recommended 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 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 utility
WisdomTree submitted a brand new utility for a spot Bitcoin ETF on June 20. It submitted that submitting alongside comparable functions from different corporations together with Bitwise, Valkyrie Investments, Invesco — and BlackRock, which set off the pattern.
Schwartz reiterated that WisdomTree’s utility activates whether or not it could 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 fairly than a safety.
He additional recommended that knowledge sharing surveillance agreements might assist the SEC overcome every of its issues one by one.
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