On Friday, exchange operator Cboe resubmitted an application with the U.S. Securities and Exchange Commission (SEC), seeking approval for a Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) by asset manager Fidelity Investments.

According to Reuters, Cboe said it would work with leading crypto exchange Coinbase Global Inc (NASDAQ:COIN) to ensure safeguards against market manipulation during the ETF launch process.

Cboe also refiled listing applications with the SEC for Bitcoin ETFs from WisdomTree, VanEck and a joint effort between Invesco and Galaxy. According to the report, Cboe said it plans to enter into a surveillance-sharing agreement with Coinbase in all of the filings.

Earlier in the day, the SEC pushed back on applications to launch spot Bitcoin ETFs, asserting that the applications lacked clarity and comprehensiveness. The agency said further information was required before the applications could be considered for approval.

The SEC raised similar concerns with Nasdaq over the filing for a spot Bitcoin ETF from BlackRock (NYSE:BLK).

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Earlier in June, the agency filed a lawsuit against Coinbase for its failure to register as an exchange. As highlighted in Cboe's filing, Coinbase's platform accounted for approximately 50% of U.S. dollar-Bitcoin trading in May.

"The marketplace is not only not transparent and not audited, but it's also, according to the SEC, rife with manipulation," John Reed Stark, the former chief of the SEC's Office of Internet Enforcement, told Reuters.

Ed Moya, a senior market analyst at Oanda, told Reuters that Bitcoin's price held up well after the SEC asked for more information on the Bitcoin ETF filings, suggesting the sentiment is not turning bearish.

"It's not surprising to hear that the SEC is pushing back a little bit," he said of the Bitcoin ETF applications. "I don't think it was realistic to expect that they were going to concede and grant a quick approval immediately."

Since 2017, the SEC has consistently denied approval for such funds, citing fraud and market manipulation worries. Nevertheless, several ETFs are already accessible in the market that holds Bitcoin futures.

Among investors and analysts, BlackRock's attempt to launch a Bitcoin ETF is the most promising. The optimism stems from the company's impressive history of effectively navigating the application process.

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