The Securities and Exchange Commission (SEC) has
reportedly dismissed recent applications by various asset managers to launch
spot Bitcoin (BTC) exchange-traded funds (ETFs). According to sources who shared
information with The Wall Street Journal on Friday, the agency termed the
applications as neither sufficiently clear nor comprehensive.
Specifically, the SEC
commented about the applications filed by Nasdaq and Cboe Global Markets on
behalf of the asset managers BlackRock and Fidelity, the sources familiar with the matter told the
publication.
The number of asset
managers seeking approval to list spot Bitcoin ETFs has increased
recently despite the fact that the regulator declined similar applications in the past. According to the
SEC, such funds are vulnerable to fraud and market manipulation.
The recent filings,
especially by the Wall Street giants, renewed hopes among investors that
the SEC might soften its stance and approve the first spot Bitcoin ETF in the
US. Nonetheless, there has been a record amount of funds channelled to existing ETFs, including the ProShares Bitcoin Strategy ETF (BITO).
Finance Magnates
reported that for the week that ended on June 25, BITO recorded…
