Author: Mike Dalton, Cryptoslate; Compiler: Song Xue, Jinse Finance
WisdomTree Global Chief Investment Officer Jeremy Schwartz (Jeremy Schwartz) commented on cryptocurrency spot exchange-traded funds (ETFs) on June 26.
Regulatory agreement can give SEC “peace of mind”
In an interview with CNBC, Schwartz said: “The recent (spot bitcoin ETF) filings have one thing in common…that they are trying to achieve a data sharing monitoring agreement between exchanges to help the SEC deal with price manipulation ( question)."
The U.S. Securities and Exchange Commission (SEC) has rejected all spot cryptocurrency ETFs so far. However, the agency began approving cryptocurrency futures ETFs in late 2021, starting with ProShares’ offering, which went live on October 19 of that year.
Schwartz noted that the SEC is starting to approve futures ETFs, even though the futures market is based on spot prices. He suggested that the regulator approved the ETFs in part because the futures market shares information with the SEC. **
He went on to say that the ** data-sharing monitoring agreement “may be one of the key points that the SEC will consider when approving a spot bitcoin ETF application.” **
WisdomTree has submitted an ETF application
WisdomTree filed a new spot bitcoin ETF application on June 20. Meanwhile, other firms including Bitwise, Valkyrie Investments, Invesco and BlackRock filed similar filings, kicking off the trend.
Schwartz reiterated that WisdomTree’s application is contingent on whether it can work with the SEC to “adapt” it to the proposed price monitoring.
Asked about broader concerns about fraud and a lack of regulation, Schwartz noted that SEC Chairman ** Gary Gensler wants “more official regulation.” ** He noted that Gensler and his agency have taken action against cryptocurrencies they view as securities, but they view Bitcoin as a commodity rather than a security.
He further hinted that the data-sharing monitoring agreement could help the SEC solve the problem once and for all.
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