“there needed to be a ‘surveillance-sharing agreement with a regulated market of significant size relating to the underlying assets’ to deter any potential manipulation.”
There is, unfortunately, no exact definition of a “regulated market” and “significant size.” So yes, it’s unclear. The bigger point amid all this ETF talk is that Coinbase is not a shoo in as an adequate data provider partner.taking surveillance to the next level“... what’s more likely to influence the SEC’s decision is an information-sharing deal that flips the position of power in the arrangement and gives regulators the right to demand extra background.
Critically, an information-sharing agreement could also include personal information such as a customer’s name and address. This may not bode well for privacy advocates in crypto. However, it is also the completely unsurprising end state of bringing a spot bitcoin ETF to market, or perhaps any financialization of crypto.
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