XRP proponent and famed attorney John E Deaton joined industry experts in denouncing SEC following BlackRock’s recent naming of Coinbase as an SSA partner in an updated spot filing.
In his tweet, Deaton drew attention to the irony of the SEC’s conspicuous silence on BlackRock’s inclusion of Coinbase as its SSA equivalent while charging the latter with operating an illegal enterprise in his tweet.
The SEC/Gary Gensler is essentially claiming Coinbase is running an illegal business, yet the largest Asset Manager in the World and others are disclosing their intent to do business with this illegal business. It tells you all you need to know about what’s going on.
In an unexpected turn of events, BlackRock seized the spotlight after the top AUM recently decided to use Coinbase exchange for its Surveillance Sharing Agreement [SSA] in its spot Bitcoin ETF registration, as stated on Nasdaq’s 19b-4 form.
This was done in an effort to address one of the key concerns of market manipulation the Securities and Exchange Commission had in the past when rejecting requests for Bitcoin spot ETFs.
Surveillance Sharing Agreements, or SSAs, allows organizations, whether or not they are domiciled in the US, the freedom to produce and exchange data about market trading activity without being significantly constrained by secrecy obligations or blocking laws from other countries.
By sharing trading data and information, these agreements are believed to increase transparency and the integrity of the cryptocurrency market.
So far, so good. The pick of Coinbase as BlackRock’s SSA, which is the subject of an ongoing legal dispute with the regulator, has caused the attention of several market observers.
According to some experts like Will Clemente, the SEC’s approval of BlackRock would be a blatant case of favoritism. It implies that the SEC has been driving out minor participants from the market in order to favor the major firms.
XRP Among Overlooked Assets In Santiment’s Latest Report
With the SSA agreement, it is clear that BlackRock hoped to gain SEC favor and stay ahead of the ETF race by ensuring that the $9 billion worth fund issuer is keeping an eye on market trading activity, clearing activity, and customer identity.
Meanwhile, analysts at Santiment have advised investors to pay more attention to some of the leading cryptocurrencies, such as XRP, which at the moment seem to be slipping under the radar, as a result of the influx of these investment vehicles.