America’s largest cryptocurrency exchange met with the Securities and Exchange Commission last week over Grayscale’s proposed Spot Ethereum (ETH) exchange-traded fund.
Publicly traded Coinbase made a presentation to Wall Street’s top regulator where it discussed Grayscale’s proposed product, according to a document filed Wednesday by the regulator. show.
In October, crypto fund manager Grayscale filed an application with the SEC to convert the Grayscale Ethereum Trust (ETHE) into a Spot ETH ETF. The proposed ETF would provide investors with direct exposure to the second largest cryptocurrency. It will be traded on stock exchanges, allowing investors to buy shares linked to the price of ETH.
Coinbase’s presentation discussed the potential for market manipulation in crypto exchanges and how the exchange has “a comprehensive oversight-sharing agreement with the Chicago Mercantile Exchange to help monitor fraud and manipulation.” It was shown that he was talking about something.
“The spot market for ETH has shown that the market is highly resilient to fraud and manipulation,” the presentation said, adding that the cryptocurrency has “mechanisms that significantly limit ETH’s susceptibility to fraud and manipulation.” He added that there is.
In January, the SEC cleared 11 spot Bitcoin (BTC) ETFs to begin trading. After 10 years of rejection, this investment vehicle is now trading on the stock exchange and has been a huge success with huge inflows of funds.
Grayscale was one of the approved fund managers. The popular Bitcoin Trust was converted into a Spot Bitcoin ETF.
It is currently seeking regulatory approval to do the same for ETH, the second-largest digital coin by market capitalization, along with other reputable financial institutions.
On Friday, ETH reached $4,000 per coin for the first time since 2021. ETH price According to CoinGecko data, its price is just below that at $3,948.
Edited by Ryan Ozawa.
