SEC Finds Bitcoin Spot ETF Applications ‘Inadequate’

SEC Finds Bitcoin Spot ETF Applications 'Inadequate'

0h30 ▪
min read ▪ with
Micah A.

Now, financial giants such as BlackRock and Fidelity are erupting outside the SEC’s door. They are seeking Bitcoin ETF marketing authorization. Therefore shaken up​​​​, the American regulator is forced to come out of his silence and explain his attitude on the spot Bitcoin ETFs. His response stunned the crypto community.

Bitcoin ETF deposits are ‘insufficient’

Don’t rely on CSS to Spot Bitcoin ETF authorization for anyone, says Jan van Eck. However, as requests for such financial assets to be sent pile up on Gary Gensler’s desk, any his institution is under pressure.

So, in a publication this morning, The Wall Street Journal highlighted the long awaited response from SEC regarding BTC Spot ETFs.

The news fell like lightning

SEC Says Bitcoin Cash ETF Application Filing Insufficient »

In other words, the SEC rejected all Bitcoin ETF listing applications. Grayscale needs to grow to learn this.

Vicky Ge Huang, author of the WJS report, clarified:

The Securities and Exchange Commission said the number of recent applications from asset managers to launch bitcoin exchange-traded funds was insufficient. »

All is not lost

But it should be noted that NO CSS is not a category. In fact, it gives Spot Bitcoin ETF candidates another chance.

The SEC told the exchanges that it was returning the filings because they did not name the spot bitcoin exchange they are supposed to have ‘surveillance sharing agreement‘ or they have not provided enough information about these details monitoring agreements“, the WJS journalist continues.

In addition, BTC markets spot no federal regulator Now. And this despite the efforts of the CFTC.

As a result, BlackRock’s business would have a 50% chance of success by observing the newly imposed conditions.

Asset managers can update wording and refiling “, we explained.

Bitcoin down

Insufficient is this a way to hide categorical rejection of spot Bitcoin ETFs? Or a nod to BlackRock and Fidelity?

In any case, the ad has nothing more to do with bitcoin. CoinDesk noted a drop of almost $1,000 of the price of the queen of cryptocurrencies. Was the rise seen after BlackRock’s spot Bitcoin ETF application only temporary?

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Mikaia A. avatar

Micah A.

The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.


The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.

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