The SEC opened a 21-day period for comments, seeking insights into market manipulation risks and whether Coinbase's surveillance-sharing agreement would deter BTC price manipulations.
, the SEC is seeking answers on whether ARK 21Shares' proposal is designed to prevent fraudulent and manipulative acts and practices, as well as whether the Bitcoin market is susceptible to manipulation.
Furthermore, the regulator raised concerns about Coinbase's surveillance-sharing agreement, asking commenters to examine whether Coinbase's participation in the ETFs surveillance would, in fact, help to detect, investigate, and deter fraud and manipulation in Bitcoin's price. "The SEC’s main concern about spot crypto ETFs is about the potential market manipulation by a big whale. Theoretically, it can happen if the SEC approves the ETFs of one or two investment funds. But if it decides to register all 8 ETFs, it will sharply mitigate the probability of manipulation, because these firms will be able to trade with each other frequently, taking opposite sides," explained Ruslan Lienkha, chief of markets at YouHodler.
The SEC still has two deadlines before a final decision is made. The third deadline for ARK 21Shares application is due by January 202. Valkyrie has the latest application in line, with two upcoming deadlines in January and March next year. The BTC ETF outcome could reshape the crypto investment landscape. According to Lienkha, an approval could potentially bring over $70 billion in liquidity to the Bitcoin market."The opportunity to invest in Bitcoin through ETFs will give regular investors more confidence, as with professional help, they don’t have to dive into all the technical details and analyze potential risks by themselves," he noted.
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