According to people familiar with the matter, the Securities and Exchange Commission (SEC) said that the recent wave of applications by asset managers to launch spot Bitcoin exchange-traded funds was insufficient.
The institution informed Nasdaq and Cboe Global Markets exchanges, which applied on behalf of asset managers such as BlackRock and Fidelity Investments, that the applications were not clear and comprehensive enough.
However, the SEC said the exchanges were returning the applications because they did not name the spot Bitcoin exchange they were supposed to enter into a “custodial-sharing agreement” or did not provide enough information about the details of these surveillance arrangements. According to the SEC, asset managers can update the language and re-apply.
Bitcoin Dropped After the Publishing of the News!
Bitcoin and altcoins fell sharply after the news. BTC, which is at the border of 31,000, declined to $ 29,500.
*Not investment advice.