Don’t Expect a Flood of Spot-Bitcoin ETFs Soon
Barton said the methodology in place for the approval of spot-bitcoin ETFs puts the SEC in a very powerful position because of a listing rule – 19b-4. The rule requires self-regulated entities to seek the SEC’s approval before making any changes to trading rules. In this case, NASDAQ and the Cboe’s BZX Exchange are asking to take over compliance responsibilities given, Coinbase, the chosen surveillance partner is an unregulated exchange, does not satisfy the SEC’s requirements. As part of this rule change, NASDAQ and Cboe BZX are looking to fulfill some of Coinbase's compliance obligations through a surveillance-sharing agreement. Coinbase is so far an unregulated exchange, and therefore presently does not satisfy the SEC’s requirements.
Source: CoinDesk
