NEW YORK : Shares of Coinbase, the largest U.S. cryptocurrency platform, jumped 13 per cent on Monday after exchange operator Cboe said it was working with the cypto company in its effort to launch a spot bitcoin exchange-traded fund.
Cboe sought to address SEC concerns that its original filing did not name the crypto-trading platforms that would help it detect fraud in the underlying bitcoin markets, Reuters reported citing a person familiar with the matter. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. The ETF industry is trying to find a way to address that concern.Bitcoin, the world's largest cryptocurrency, jumped to a more than one-year high last month after BlackRock and Fidelity filed to launch bitcoin ETFs.
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