Cboe's BZX Exchange named crypto exchange Coinbase as the market for its surveillance-sharing agreement when it refiled for its spot bitcoin exchange-traded (ETF) fund application on Friday.

Fidelity, WisdomTree, VanEck, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product the U.S. Securities and Exchange Commission (SEC) has rejected for years.

On Friday, the SEC told some of these issuers that their applications were "inadequate" because they didn't name the market that the fund sponsors are working with on their surveillance-sharing agreements.

Read more: Bitcoin Tumbles on Report of SEC Saying Spot BTC ETF Filings Inadequate

The SEC has called for surveillance-sharing agreements with markets of "significant size" in the past, arguing that this is necessary to prevent market manipulation or other unwanted behaviors and protect consumers. The lack of these agreements figured heavily into many of the SEC's prior rejections of bitcoin ETF applications.

Read more: A Straightforward Explanation for Why Financial Giants Want to Issue a Spot Bitcoin ETF

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