The SEC Finds Recent Bitcoin ETF Applications Insufficiently Detailed
The U.S. Securities and Exchange Commission (SEC) has found recent applications for spot Bitcoin exchange-traded funds (ETFs) lacking in specificity, despite filings from major players like BlackRock and Fidelity. The SEC has deemed the applications insufficiently detailed and is particularly concerned about the applicants’ strategies for handling a surveillance-sharing agreement to prevent fraud and manipulation. Notable entries from BlackRock and others have failed to meet this criterion. As a result, a spot Bitcoin ETF remains non-existent in the U.S. due to the SEC’s reluctance to approve one, citing concerns about price manipulation. However, investors are eager for such a product as it would provide exposure to Bitcoin without the need for asset custody. The SEC recently approved the first leveraged Bitcoin futures ETF, BITX, providing a potential alternative investment option.
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