Right now, financial giants like BlackRock and Fidelity are jostling outside the SEC’s door. They are seeking a Bitcoin ETF marketing authorization. Thus shaken up, the American regulator is forced to come out of its silence and explain its point of view on spot Bitcoin ETFs. His response stunned the crypto community.
Bitcoin ETF deposits are ‘inadequate’
Don’t rely on the SEC to authorize a Spot Bitcoin ETF to anyone, says Jan van Eck. However, as requests to launch such financial assets piled up on Gary Gensler’s desk, any his institution is under pressure.
Thus, in a morning publication, The Wall Street Journal highlighted the long-awaited response from the SEC regarding Spot BTC ETFs.
” SEC Says Cash Bitcoin ETF Application Filings Are Inadequate. »
In other words, the SEC rejected all spot Bitcoin ETF listing applications. Grayscale must be brooding upon learning this.
Vicky Ge Huang, author of the WJS report, clarified:
” The Securities and Exchange Commission said a recent flurry of applications by asset managers to launch spot bitcoin exchange-traded funds were inadequate. »
All is not lost
But it should be noted that the NO of the SEC is not category. Indeed, it grants another chance to Spot Bitcoin ETF seekers.
” The SEC told the exchanges it was returning the filings because they did not name the spot bitcoin exchange they are supposed to have a ‘surveillance sharing agreement‘ or that they did not provide enough information about the details of these monitoring agreements“, continues the journalist of WJS.
Additionally, spot BTC markets have no federal regulator Right now. And this despite the efforts of the CFTC.
As a result, the 50% chance of success of BlackRock’s business would be completed by respecting the newly imposed conditions.
” Asset managers can update wording and refile “, we explained.
Bitcoin down
“ Inadequate is this a way of disguising a categorical rejection of spot Bitcoin ETFs? Or a nod to BlackRock and Fidelity?
In any case, the announcement has no more to bitcoin. CoinDesk noted a drop of nearly $1,000 of the price of the queen of cryptocurrencies. The rise seen after BlackRock’s Bitcoin spot ETF application was only temporary?
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