According to information from foreign sources, the SEC found recent spot Bitcoin ETF applications to be insufficient and requested reapplication!
SEC Evaluates ETF Applications
According to information from foreign sources, the U.S. Securities and Exchange Commission (SEC) made statements about recent spot Bitcoin ETFs (exchange-traded funds) and reported that the applications were insufficient.
SEC stated that SPOT #BITCOIN ETF APPLICATIONS ARE INSUFFICIENT (WSJ)
— CO NEWS (@coinotag) June 30, 2023
After financial giants like BlackRock, Invesco, and Fidelity applied to offer spot Bitcoin ETFs, SEC’s statement shook the cryptocurrency market.
BlackRock and Fidelity were also mentioned in the SEC’s statement;
SEC; STATED THAT RECENT SPOT #BITCOIN ETF APPLICATIONS BY BLACKROCK, FIDELITY, AND OTHERS WERE NOT CLEAR AND COMPREHENSIVE
— CO NEWS (@coinotag) June 30, 2023
It was reported that the SEC found the applications insufficient because they did not provide sufficient information and were not comprehensive in terms of regulatory oversight.
With the news, the price of Bitcoin experienced a sharp drop from $31,000 levels to $29,500. This information from the SEC caused a 5% crash in Bitcoin. BTC is currently trading at $29,870.
In addition, the SEC returned these applications, stating that they were incomplete, and requested the spot Bitcoin ETF applications to be modified and resubmitted.
SEC RETURNED SPOT #BITCOIN ETF APPLICATIONS, REQUESTED MODIFICATION AND RESUBMISSION
— CO NEWS (@coinotag) June 30, 2023
