SEC tells Nasdaq, Cboe that spot bitcoin ETF filings are inadequate: WSJ

The Block
The Block

30 Jun 2023 1:46 PM

The U.S. Securities and Exchange Commission told the Nasdaq and Cboe exchanges that recent filings for spot bitcoin ETF funds weren't "clear and comprehensive," the Wall Street Journal reported. ...

  • The U.S. Securities and Exchange Commission (SEC) has returned filings from BlackRock, Fidelity, and other asset managers for spot bitcoin ETF funds, stating that they were not clear and comprehensive.
  • The SEC specifically mentioned the lack of information about surveillance sharing arrangements in the filings.
  • Asset managers have the option to update the filings and refile.
  • The Cboe exchange intends to update and refile its filing, while Nasdaq and the SEC declined to comment.
  • The news caused a decline in the price of bitcoin, dropping from over $31,000 to $29,830.
  • Fidelity joined other firms like BlackRock, WisdomTree, and Invesco in filing for a spot bitcoin ETF.
  • The SEC has not yet approved a spot bitcoin ETF.
  • Bloomberg ETF analyst Eric Balchunas believes that the SEC's request for more details is understandable and potentially good news.

The sentiment in the article is mostly neutral, with a hint of optimism regarding the SEC's request for more information.

Go to publisher site

You May Ask

Why did the SEC return the filings for spot bitcoin ETF funds?What specific information did the SEC find lacking in the filings?How did the news affect the price of bitcoin?Which asset managers have filed for spot bitcoin ETFs recently?Has the SEC approved any spot bitcoin ETFs so far?

Suggested Reads