The U.S. Securities and Exchange Commission (SEC) has said recent applications by asset managers to launch spot bitcoin exchange-traded funds (ETFs) were not sufficiently clear and comprehensive, a source familiar with the matter said.
since BlackRock filed its application on June 15, fell after the Wall Street Journal first reported the SEC rejection on Friday. The world's largest cryptocurrency was last down 1% at $30.142.
The SEC, Fidelity, BlackRock and Nasdaq declined to comment on the report, while Cboe was not immediately available. The ETF filings by such major firms had sparked renewed investor hopes that a bitcoin ETF would finally be approved by the SEC, and revived interest in cyptocurrencies, which have been hit by a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022.
In all the cases, it said the filings did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest. In a bid to address these concerns, the BlackRock and Fidelity filings proposed a surveillance mechanism aimed at preventing manipulation, but the applicants did not name which bitcoin exchange would be involved.
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