Proactive Investors – Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) is expected to open higher when US trades commence today, following yesterday’s share price 11.7% surge to US$79.93.
The world’s second-largest cryptocurrency exchange (behind Binance) has found itself at the centre of the bitcoin spot ETF application frenzy.
BlackRock (NYSE:BLK) and the Chicago Board Options Exchange (Cboe) have called on Coinbase to be their surveillance partner to prevent potential fraud and manipulation on the spot market.
BlackRock, Cboe, Cathy Wood’s ARK fund and other major players have been lobbying the US Securities and Exchange Commission (SEC) for approval of a spot bitcoin EFT, but the regulator has concerns over fraud and market manipulation.
It remains to be seen if the SEC considers Coinbase a viable surveillance partner, considering the regulator’s recent hawkishness against the exchange.
At the behest of chair Gary Gensler, the SEC filed lawsuits against Coinbase and Binance in June on allegations of securities law violations.
Bitcoin is currently trading at US$31,136.
Read more on Proactive Investors UK
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