SEC Gives BlackRock Bad News…

The Securities and Exchange Commission just gave BlackRock, Fidelity, and others some bad news. …

According to multiple sources, the SEC has told these financial giants that their applications for spot Bitcoin ETFs are ‘inadequate’ and have sent them back to the companies.

Along with the returned applications were suggestions on what to correct. …

This likely means that while the applications were denied for now, eventually the SEC will approve these applications for Bitcoin ETF products.

Multiple outlets have since confirmed the SEC’s denial of the applications.

SEC says spot bitcoin filings are inadequate – WSJ

But BlackRock can still refile for the BTC spot ETF… this news is noise IMO. Buying the dip.

The important wording here:

"The SEC told the exchanges that it returned the filings because they didn’t name the spot bitcoin… pic.twitter.com/eMA5b9yLQq

— tedtalksmacro (@tedtalksmacro) June 30, 2023

JUST IN: SEC has informed exchanges Nasdaq and Cboe, which filed the spot #Bitcoin ETF applications on behalf of asset managers including BlackRock and Fidelity Investments, that the filings aren’t sufficiently clear and comprehensive – WSJ pic.twitter.com/xl0fTtANqx

— Bitcoin News (@BitcoinNewsCom) June 30, 2023

The financial giants who filed for a spot #Bitcoin ETF:

– BlackRock
– Fidelity
– VanEck
– ARK Invest / 21 Shares
– WisdomTree
– Valkyrie
– Bitwise
– Invesco

Institutional adoption is here 🚀

— Bitcoin Magazine (@BitcoinMagazine) June 29, 2023

The Block had more on the story:

The SEC said it returned filings because they didn’t provide enough information about surveillance sharing arrangements, the WSJ said. Asset managers can update language and refile, the WSJ reported.

The WSJ cited a Cboe spokeswoman as saying it intends to update and refile. Nasdaq and the SEC declined to comment, the WSJ said.

CoinDesk reports, “BlackRock and Fidelity’s spot bitcoin ETF applications hit a roadblock with
the SEC—citing insufficient details. BTC dropped by over 3%, as exchanges like Nasdaq and CBOE plan to revise and refile.”

.@BlackRock and @Fidelity's spot #bitcoin ETF applications hit a roadblock with @SECGov citing insufficient details. $BTC dropped by over 3%, as exchanges like @Nasdaq and @CBOE plan to revise and refile. https://t.co/9HLOrlz5Ug pic.twitter.com/qZBtnfS76D

— CoinDesk (@CoinDesk) June 30, 2023

Decrypt adds:

The SEC last week approved the first first leveraged Bitcoin futures ETF: Volatility Shares 2x Bitcoin Strategy ETF (BITX) opened to investors on the Chicago Board Options (CBOE) BZX Exchange on Tuesday.

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