US SEC: Applications for Bitcoin spot ETFs submitted by companies such as BlackRock and Fidelity are insufficient.

US SEC deems applications for Bitcoin spot ETFs by BlackRock and Fidelity as insufficient.

According to sources cited by The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) stated that recent applications for physically-backed bitcoin exchange-traded funds (ETFs) filed by asset management firms, such as BlackRock and Fidelity, were not clear and comprehensive enough. The applications did not specify the names of the bitcoin exchanges with which they had signed “surveillance sharing agreements,” nor did they provide sufficient information about the details of these surveillance arrangements. Applicants may revise their information and resubmit their filings.

According to Coindesk, Cboe’s BZX exchange has re-submitted a Bitcoin spot ETF application for several potential ETF issuers, designating cryptocurrency exchange Coinbase as its partner for the monitoring sharing agreement.

Reference: https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8

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