SEC Gives BlackRock Bad News…

June 30, 2023 11:44 am Comments

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.

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.”


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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