In recent years, the U.S. Securities and Exchange Commission (SEC) has repeatedly rejected applications for Bitcoin Spot ETFs by various organizations. The SEC has stated that these proposals do not meet the standards for preventing fraudulent activities, manipulation, and safeguarding investor and public interests.
According to the SEC, in order to meet the standards, an exchange needs to demonstrate that it “has a comprehensive surveillance-sharing agreement with a regulated market of significant size relating to the underlying or reference asset of the Bitcoin-based ETP.”
On July 11th, Cboe revised five Bitcoin Spot ETFs (including Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares) and submitted them to the SEC.
Recognizing the efforts and persistence of Cboe, the SEC has started reviewing the Bitcoin ETF filings from the exchange. They have also sought public opinion on the matter.