Bitcoin Price Takes A Hit As SEC Deems Spot ETF Filings 'Inadequate'

NewsBTC
NewsBTC

30 Jun 2023 6:00 PM

The US SEC told Nasdaq and Cboe that recent filings for spot Bitcoin ETFs from BlackRock and Fidelity were not “clear and comprehensive”...

  • The US Securities and Exchange Commission (SEC) has informed exchanges Nasdaq and Cboe that recent filings for spot Bitcoin exchange-traded funds (ETFs) from asset managers like BlackRock and Fidelity were not "clear and comprehensive" enough.
  • The SEC has rejected previous Bitcoin ETF filings due to concerns over fraudulent and manipulative practices in the cryptocurrency market.
  • The agency is concerned about the lack of regulation, oversight, custody, and liquidity issues in the cryptocurrency market.
  • Proposed solutions include the use of regulated custodians, futures contracts to track Bitcoin's price, and establishing best practices and guidelines for the cryptocurrency market.
  • The SEC's criticism has caused Bitcoin's price to drop, and there is uncertainty around the ETF filings by major financial players.

The sentiment in the article is mostly negative, as it highlights the SEC's rejection of Bitcoin ETF filings and the concerns surrounding the cryptocurrency market.

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You May Ask

Why has the SEC rejected Bitcoin ETF filings in the past?What are the concerns expressed by the SEC regarding the cryptocurrency market?What proposed solutions have been suggested to address the SEC's concerns?How has the SEC's criticism affected Bitcoin's price?What is the potential impact of the SEC's rejection on asset managers' attempts to launch Bitcoin ETFs?

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