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Bitcoin ETF Coinbase SEC

Bitcoin Spot ETF Gets New Headwind As SEC Chair ‘Pours Cold Water On Coinbase SSA’

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The much-anticipated approval of a Bitcoin spot ETF in the United States faces a new hurdle as Securities and Exchange Commission (SEC) Chairman Gary Gensler appears to have cast doubt on the role of Coinbase’s surveillance sharing agreement (SSA) in the approval process.

During a recent webinar, Gensler was pressed about Coinbase’s involvement in the ETF filings. While he refrained from commenting specifically on the filings, his remarks on crypto exchanges and their “conflicting services” and “limited risk monitoring” were far from encouraging. Gensler stated, “What that means is they could be trading directly against you and market making against you, which you would not see, or hope to see on the New York Stock Exchange or NASDAQ.”

Bitcoin Spot ETF Gets New Headwind

The implications of Gensler’s comments are significant, particularly considering the SEC’s recent enforcement action against Coinbase for operating as an unregistered exchange, broker, and clearing agency. This raises questions about the suitability of Coinbase as a market surveillance sharing partner for firms vying for the first Bitcoin spot ETF, including BlackRock and Fidelity.

Related Reading: Bitcoin HODLers Continue To Buy Despite Price Stalling

Eric Balchunas, a Senior ETF analyst for Bloomberg, offered his initial reaction to Gensler’s statements, saying, “Seems like a bit of cold water. This makes it seem like SSA could be pointless if this is a problem for him.” Balchunas further speculated that there might be behind-the-scenes efforts by BlackRock to address these concerns, with the SEC potentially leveraging ETF approval as a means to clean up the issues highlighted by Gensler, as Balchunas stated:

Once again tho, Nasdaq and BlackRock both knew he had these kinds of problems with exchanges. Very possibly they are working with Coinbase to address all this […] which is largely our theory on why approval IS very possible.

However, not everyone shares the optimistic viewpoint. Bias Knox, an industry observer, expressed skepticism, suggesting that Gensler might not be motivated by the merits but rather political considerations. Knox remarked, “GG’s a regulator masquerading as a politician who does not give af about the merits, never has.”

Eric Balchunas answered to Knox: “I can’t disagree I think the same thing,” but emphasized that Gensler could use it as a feather in his cap politically. “I regulated crypto w no help from congress.”

Remarkably, the setback introduced by Gensler’s recent comments adds another layer of uncertainty to the already challenging path to approval. James Seyffart, a research analyst for Bloomberg Intelligence, added, “Gary seemingly pouring some cold water on the Coinbase SSA potential for spot #Bitcoin ETF approval. To us, this is a sign that he might be laying groundwork for potential denial reasonings. Some more goalpost moving maybe…”

Related Reading: Grayscale Bitcoin Trust’s Premium Falls To 28% As Tug-Of-War With SEC Continues

The ongoing debate surrounding Bitcoin spot ETF approval has kept analysts and enthusiasts on their toes. Balchunas, who previously put the odds of approval at 50/50, indicated that discussions are underway to reassess these probabilities. He mentioned awaiting technical details regarding the Federal registry, which will likely influence the refreshed odds.

While the SEC’s stance remains uncertain, the broader concerns expressed by Gensler regarding crypto exchanges’ conflicting services and limited risk monitoring cannot be overlooked. The SEC has consistently rejected spot Bitcoin ETF applications due to concerns over transparency and potential market manipulation.

Remarkably, Coinbase and the SEC will meet in court today for the first time for a pre-motion hearing.

At press time, the BTC price stood at $30,332.

Bitcoin price
Bitcoin continues sideways trend, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from Yahoo Finance, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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