Nasdaq has again filed a request with the U.S. securities regulator to list a BlackRock ETF that will reflect the price of bitcoin to include more details, according to a filing released Monday.
The updated application, filed Thursday with the Securities and Exchange Commission (SEC), says Coinbase will provide market oversight to support the proposed ETF from the world’s largest asset manager.
The move comes after the regulator, as reported by the Wall Street Journal, expressed concern over the initial Nasdaq filings as unclear and incomplete. The SEC had reported similar concerns to Cboe related to a Fidelity filing.
The digital assets space is trying to regain popularity after a painful 2022 that saw several cryptocurrency ventures collapse, including Sam Bankman-Fried’s FTX.
Last month, the SEC sued Coinbase for failing to register as an exchange. According to Cboe’s Fidelity bitcoin ETF filing, the company’s platform accounted for about half of US dollar-denominated bitcoin trading in May.
Coinbase said in a letter filed last month in federal court in Manhattan that it will ask a judge to dismiss the SEC’s lawsuit, arguing the regulator lacks the authority to pursue civil suits because cryptocurrencies traded on its platform are not “contracts”. investment” and, therefore, are not securities.
The SEC has rejected dozens of spot applications for bitcoin ETFs in recent years, including one from Fidelity in January 2022.
In all cases, it said the applications did not meet standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest.
Source: Terra

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