SEC Calls Wave Of Spot Bitcoin ETF Filings ‘Inadequate’• June 30, 2023 11:28 pm • Comments
The SEC recently stated that the the wave of spot Bitcoin ETF filings from multiple asset management firms were considered “inadequate”.
Specifically, the agency commented that the filings were not clear and comprehensive enough for the SEC to do an approval.
Of course, many speculators believe that this is just an excuse from the SEC to delay the inevitable approval of a spot Bitcoin ETF.
After all, the chance of a spot ETF being approved certainly goes up when two of the largest asset management firms in the world are requesting for an approval.
The firms are expected to refile a new request to the SEC as soon as possible in order to continue the process.
The SEC claims that "spot #Bitcoin ETF filings are inadequate".
But, this ISN'T an outright $BTC spot ETF rejection.
Although the headline looks scary, "asset managers can update the language and refile." pic.twitter.com/M2bwDmOtLH
— Miles Deutscher (@milesdeutscher) June 30, 2023
Over the last few weeks, the digital asset industry has been surprised by a host of spot Bitcoin ETF applications that have arrived.
Moreover, these applications have come from two of the largest names in traditional finance. Both BlackRock and Fidelity are some of the largest asset management firms on the planet and are seeking entry into the sector.
Yet, a recent report suggests that these entities may not be guaranteed approval. Indeed, The Wall Street Journal reported that the SEC has said recent spot Bitcoin ETF filings are inadequate, citing people with information on the ongoing procedures.
Both Nasdaq and Cboe Global Markets filed the ETF applications on behalf of the asset managers. Consequently, people have noted the SEC’s response as pointing to their inadequacy. Specifically, stating that “the filings are sufficiently clear and comprehensive,” according to sources.
Fidelity and BlackRock are not the only ones that have filed for the approval of a spot Bitcoin ETF as other firms like Ark Investment Management, Invesco, and WisdomTree have also done the same thing.
It is quite the coincidence that everyone seems to be filing for an ETF at the same time, but perhaps this will put enough pressure on the SEC to finally approve.
As of today, the SEC has still denied all spot Bitcoin ETF filings, but there has never been as much pressure for approval as right now.
The reason why investors are paying close attention to the SEC’s decision is because this will determine if the digital asset industry will get a tremendous influx of new capital due to it more accessible.
— Bitcoin Magazine (@BitcoinMagazine) June 30, 2023
BlackRock entering the race caused Bitcoin’s price to spike and a number of other major fund managers followed suit. Yesterday, major U.S. firm Fidelity submitted an application.
Invesco, Wisdom Tree, Valkyrie, and Bitwise have also sent similar applications.
A spot Bitcoin ETF does not yet exist in the U.S. because the SEC has been reluctant to approve one. The regulator claims that the price of Bitcoin being open to manipulation is one of the main reasons.
But investors want access to such a product because it would allow them to get involved with Bitcoin without having to deal with the custody of the asset, according to experts.
If these reports are accurate, @GaryGensler has a lot of explaining to do.
An ETF would provide everyday investors with an SEC-regulated product.
The only reason for Chair Gensler to oppose is if he wants to kill crypto in the U.S. all together.https://t.co/YgQuWwCRED
— Patrick McHenry (@PatrickMcHenry) June 30, 2023
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