added. But what’s more likely to influence the U.S. Securities and Exchange Commission ’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.
The information in question could be about specific trades or traders, and the agreement also compels a crypto exchange to share data up to and including personally identifiable information , such as the customer’s name and address. Information-sharing agreements do not appear in any of the spot bitcoin ETF filings, but the structure is found in other markets.
Going back to 2017, the SEC has highlighted the need for bitcoin ETF applications to have a surveillance-sharing agreement withbut firms have lacked clarity and an objective standard when it comes to interpreting this. Whenever a broker has a client that sends an order to Nasdaq, for example, and that order is flagged as suspicious by the exchange’s SMARTS surveillance system, then the broker and the exchange are required to file a suspicious activity report .
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