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