The U.S. SEC Returns Filings for Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has informed the Nasdaq and Cboe exchanges that recent filings for spot bitcoin exchange-traded funds (ETFs) from BlackRock, Fidelity, and others were not “clear and comprehensive.” The SEC cited a lack of information about surveillance sharing arrangements as the reason for returning the filings. However, the asset managers have the opportunity to update the language and refile their applications. The Cboe exchange has confirmed its intention to update and refile, while Nasdaq and the SEC have declined to comment.
Key Points:
– The SEC has returned filings for spot bitcoin ETFs due to insufficient information about surveillance sharing arrangements.
– BlackRock, Fidelity, and other firms are among those seeking approval for spot bitcoin ETFs.
– Bitcoin’s price declined from over $31,000 to $29,830 following the news.
– The SEC’s request for more details on surveillance sharing arrangements is seen as understandable and potentially good news.
– The race for a spot bitcoin ETF continues, with no approvals granted yet.
Hot Take:
The SEC’s decision to return filings for spot bitcoin ETFs highlights the agency’s emphasis on clarity and comprehensive information. While this may cause a temporary decline in bitcoin’s price, it also indicates that the SEC is taking the potential approval of such ETFs seriously. The race for a spot bitcoin ETF is heating up, with major asset managers like BlackRock and Fidelity joining the competition. Investors and cryptocurrency enthusiasts eagerly await further developments and updates from these firms as they work towards meeting the SEC’s requirements.
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