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Cboe names Coinbase as surveillance partner in updated spot Bitcoin ETF filing

The filings, in their second iteration, hopes to prevent fraud and manipulations.

Just a few hours after the US Securities and Exchange Commission (SEC) showed skepticism towards granting any of the recent spot Bitcoin exchange-traded fund (ETF) applications, the Chicago Board Options Exchange (Cboe) has updated its filing.

The exchange refiled five ETF applications.

Cboe refiles application

The Wall Street Journal reported earlier today that the SEC had said that the filings for the spot Bitcoin ETF were inadequate. Though the report showed scepticism, there was no indication that the regulator had made any decisions concerning the merits or otherwise of the applications.

In a new move, the Cboe has resubmitted its filings to the SEC. The second iteration filings were submitted for Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, Wise Origin Bitcoin Trust, and WisdomTree Bitcoin Trust.

The filings also named Coinbase as part of its surveillance-sharing agreement.

Read more: ARK Invest modifies Bitcoin ETF application to include surveillance agreement

“Coinbase Custody Trust Company, LLC, a third-party regulated custodian (the “Custodian”), will be responsible for custody of the Trust’s bitcoin” according to its filing.

The updated document said that the investment vehicle would “have the hallmarks of a surveillance-sharing agreement” split between two parties. That setup would permit “supplemental access to data regarding spot Bitcoin trades occurring on Coinbase if the Exchange determines it is necessary as part of its surveillance program,” the filing said.

Coinbase has remained in a long-drawn legal battle with the SEC following allegations that the top crypto exchange was running an unregistered exchange. It’s unclear if the SEC will be opened to Coinbase being the surveillance partner according to the updated filings.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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