Cboe Global Markets has made significant amendments to five pending spot Bitcoin exchange-traded fund (ETF) applications to integrate surveillance-sharing agreements (SSAs) with Nasdaq-listed cryptocurrency exchange Coinbase.

Singapore’s sovereign wealth fund Temasek has revealed it’s avoiding investments in cryptocurrency-based firms in the midst of the regulatory turbulence surrounding the sector.

The Bank of International Settlements (BIS), a grouping of the world’s major central banks, has released a report to the finance ministers of G20 nations asserting that the "inherent structural flaws" of cryptocurrencies render them unfit to serve as a monetary tool.

Top stories in the Crypto Roundup today:

• Cboe Updates Five Bitcoin ETF Filings With Coinbase Surveillance Deal
• Temasek Shuns Crypto Investments Amid Regulatory Uncertainty
• BIS Slams Crypto Over ‘Inherent Structural Flaws’
• Coinbase Commanded 61% of US Bitcoin Volumes in June

Cboe Updates Five Bitcoin ETF Filings With Coinbase Surveillance Deal

Cboe Global Markets has made significant amendments to five pending spot Bitcoin exchange-traded fund (ETF) applications to integrate surveillance-sharing agreements (SSAs) with Nasdaq-listed cryptocurrency exchange Coinbase.

The amendments were made to filings for ETFs by Invesco, VanEck, WisdomTree, Fidelity, and a joint fund by ARK Invest and 21Shares with the U.S. Securities and Exchange Commission (SEC) on July 11.

According to Cboe, terms were agreed upon with Coinbase on June 21 for the SSA - a key step not initially stipulated in the first draft of the ETF applications, where it was merely anticipated.

These surveillance-sharing agreements are a key component aiming to meet the SEC's guidelines, in a bid to thwart fraudulent activity and bolster the safety of investors. Other spot Bitcoin ETF applications, including that of BlackRock, also include an SSA with Coinbase.

Temasek Shuns Crypto Investments Amid Regulatory Uncertainty

Singapore’s sovereign wealth fund Temasek has revealed it’s avoiding investments in cryptocurrency-based firms in the midst of the regulatory turbulence surrounding the sector.

According to its Chief Investment Officer, Rohit Sipahimalani, there’s currently “a lot of regulatory uncertainty in this environment,” which makes it hard for the firm to make another investment in the space.

Regulatory scrutiny has become a significant issue for crypto firms this year after the SEC filed lawsuits against leading cryptocurrency exchanges Binance and Coinbase, alleging securities law violations. The regulator previously sued Ripple for alleging violating securities regulations by selling XRP without prior registration with it.

Sipahimalani suggested that with the right regulatory backdrop and suitable investment opportunities, there is no barrier to Temasek exploring the sector. He added Temasek was never looking to invest in crypto in the first place, and noted the firm invested in FTX as it allows them to get “fee-based revenue without thinking [of] balance sheet risk or any trading risks.”

The firm, which announced in mid-November it would be writing down its $275 million investment in the now-collapsed cryptocurrency exchange, posted its worst returns since 2016 earlier this week.

BIS Slams Crypto Over ‘Inherent Structural Flaws’

The Bank of International Settlements (BIS), a grouping of the world’s major central banks, has released a report to the finance ministers of G20 nations asserting that the "inherent structural flaws" of cryptocurrencies render them unfit to serve as a monetary tool.

The report underscores issues of instability, inefficiency, and accountability, arguing they significantly overshadow any potential innovative advantages such as automated payments.

It adds that “crypto has so far failed to harness innovation to the benefit of society,” despite the sector now seeing millions of retail and institutional investors getting involved. It adds:

“Crypto remains largely self-referential and does not finance real economic activity. Inherent structural flaws make it unsuitable to play a significant role in the monetary system.”

The report also points to the losses associated with the collpases of the FTX and Terra ecosystems, along with risks of cyberattacks, fraudulent schemes, or 'rug pulls,' and the issues related to scaling up to the size required for a fully functioning payment system

Coinbase Commanded 61% of US Bitcoin Volumes in June

In June, U.S. exchanges accounted for 9.49% of the global Bitcoin (BTC) trading volume, according to monthly trading statistics.

Leading the pack in the U.S. was Coinbase, commanding a 61% share of the American Bitcoin volume. On a global scale, Coinbase's footprint was smaller, accounting for just 5.83% of worldwide BTC trading volume.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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