Bitcoin breaks below $30k as WSJ reports SEC will block spot Bitcoin ETFs again

CryptoSlate
CryptoSlate

30 Jun 2023 2:03 PM

Bitcoin’s value slid below the $30,000 mark as the Securities and Exchange Commission (SEC) signals an impending block on spot Bitcoin exchange-traded funds (ETFs), according to a report by the Wall Street Journal. This development comes amidst a flurry of spot ETF applications by numerous asset managers seeking broader market access to the cryptocurrency. Quick […]...

  • The value of Bitcoin has dropped below $30,000 as the SEC signals a potential block on spot Bitcoin exchange-traded funds (ETFs).
  • The SEC has deemed recent applications for spot Bitcoin ETFs as inadequate due to lack of clarity and comprehensiveness.
  • Asset managers like BlackRock, Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie have either reactivated or amended their applications for a spot Bitcoin ETF.
  • The SEC has consistently rejected such funds since 2017 due to concerns about fraud and market manipulation.
  • Exchanges have been instructed to revise the language in their applications and refile.

The sentiment of the article is negative as it highlights the potential block on spot Bitcoin ETFs and the ongoing regulatory complexities surrounding cryptocurrency.

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You May Ask

Why has the value of Bitcoin dropped below $30,000?What is the reason behind the SEC deeming recent applications for spot Bitcoin ETFs as inadequate?Which asset managers have reactivated or amended their applications for a spot Bitcoin ETF?Why has the SEC consistently rejected such funds since 2017?What instructions have exchanges received regarding their applications for spot Bitcoin ETFs?

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