BLACKROCK HAVE ASKED SEC TO APPROVE BITCOIN SPOT ETF FASTER

BLACKROCK HAVE ASKED SEC 

TO APPROVE BITCOIN SPOT ETF 

FASTER. NORMALLY IT TAKES 

AROUND 240 DAYS.

Meanwhile, the price of bitcoin dipped as low as the $25,000 level, while other digital assets tumbled after the Federal Reserve announced Wednesday that additional interest rate hikes were coming. 

Blackrock’s (BLK) iShares Bitcoin Trust application to the U.S. Securities and Exchange Commission (SEC) this week might stand a better chance than previous attempts by other fund managers thanks to the promise of a “surveillance-sharing agreement” between exchanges.

On page 36 of the Nasdaq (where the proposed ETF will be listed) 19b-4 filing, it’s stated that to mitigate against market manipulation, Nasdaq will be brought in to enter into a surveillance-sharing agreement with an operator of a spot trading platform for Bitcoin (BTC).

Surveillance-sharing agreements allow for the sharing of information about market trading activity, clearing activity, and customer identification, allowing for little possibility of market manipulation.

Nasdaq’s proposed surveillance-sharing agreement, dubbed the “Spot BTC SSA,” is what makes this application different, and not simply the company’s size as the largest asset manager in the world, said Graeme Moore, Head of Tokenization, Polymesh Association.

The SEC rejected Grayscale Investment LLC’s application last year to convert its flagship spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF.

Grayscale sued the SEC in response, claiming that the regulator was acting arbitrarily in rejecting applications for spot bitcoin ETFs when it had previously approved bitcoin futures ETFs.