SEC requests clear and comprehensive information for Spot Bitcoin ETF filings.

The Securities and Exchange Commission (SEC) has expressed concerns about the recent increase in applications for spot bitcoin exchange-traded funds (ETFs), stating that the filings lack clear and comprehensive information, according to a report by the Wall Street Journal.

Various companies, including BlackRock and Fidelity Investments, have submitted these applications.

Following BlackRock’s example, a number of traditional and cryptocurrency asset managers, such as Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie, have recently reactivated or amended their applications for spot bitcoin ETFs. The approval of such an ETF would be a major milestone for the industry, providing broader institutional access to bitcoin and allowing investors to trade bitcoin as easily as stocks, although some of bitcoin’s properties would be lost.

Experts predicted that BlackRock’s application would address the SEC’s concerns by agreeing to share surveillance of a spot bitcoin-trading platform with Nasdaq, the proposed ETF’s listing exchange.

However, the SEC informed the exchanges that the filings were missing key details, such as the specific surveillance-sharing agreement that would be implemented. A spokesperson for Cboe told the Wall Street Journal that they plan to update and resubmit the application.

The SEC’s critique has once again highlighted the regulatory challenges surrounding the launch of spot bitcoin ETFs. Market participants are eagerly awaiting updates from the asset managers and exchanges to address the concerns raised by the SEC. As the industry anxiously anticipates the potential approval of a spot bitcoin ETF, stakeholders hope that the revised filings will provide the clarity and comprehensive information necessary to gain regulatory acceptance.

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