SEC Says BlackRock and Fidelity’s Spot Bitcoin ETF Filings Are Unclear and Incomprehensive: Report - The Daily Hodl

The Daily Hodl
The Daily Hodl

30 Jun 2023 6:41 PM

The U.S. Securities and Exchange Commission (SEC) is reportedly saying that BlackRock and Fidelity’s applications for a spot Bitcoin (BTC) exchange-traded fund (ETF) are unclear and incomprehensive....

  • The U.S. Securities and Exchange Commission (SEC) has deemed BlackRock and Fidelity's applications for a Bitcoin exchange-traded fund (ETF) unclear and inadequate.
  • The applications were filed by Nasdaq and the Chicago Board Options Exchange (CBOE) on behalf of the firms.
  • The SEC returned the filings because they failed to name the Bitcoin ETF and provide details on the surveillance agreement.
  • BlackRock, with over $10 trillion in assets under management, filed for a BTC ETF earlier this month.
  • The SEC has rejected previous bids for a spot Bitcoin ETF, including those from VanEck and ARK Invest.

The SEC's rejection of BlackRock and Fidelity's Bitcoin ETF applications is seen as a setback, but some analysts view it as a positive development, as it highlights the need for more clarity and details in the filings.

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What is the status of BlackRock and Fidelity's applications for a Bitcoin ETF?Who filed the applications on behalf of the firms?Why did the SEC return the filings?How much assets does BlackRock manage?Has the SEC approved any spot Bitcoin ETF applications so far?

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