Applications for Bitcoin ETFs Hit a Roadblock as SEC Demands More Clarity

The SEC has deemed a series of applications for spot bitcoin ETFs as insufficient, according to sources cited by the Wall Street Journal. The filings were submitted by exchanges Nasdaq and Cboe Global Markets on behalf of asset management firms, including BlackRock and Fidelity Investments. The SEC claimed these applications lacked clarity and comprehensiveness.

This verdict comes amidst a surge in bitcoin prices and related stocks since mid-June, prompted by BlackRock’s filing with the SEC for a bitcoin ETF. Bitcoin value has risen approximately 20%, surpassing $30,000 for the first time since April.

In the wake of BlackRock’s move, several traditional and crypto asset managers have followed suit, including Valkyrie, Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, and Bitwise Asset Management, which have all recently either re-submitted or altered their applications for spot bitcoin ETFs.

The creation of an ETF that reflects the price of bitcoin in real-time would represent a significant milestone for the industry, facilitating broader access to the cryptocurrency and allowing investors to trade bitcoin via a brokerage account, similar to stock shares. However, since 2017, the SEC has consistently rejected these types of funds due to concerns over vulnerability to fraud and market manipulation. Nevertheless, at least six ETFs that hold bitcoin futures have already entered the market.

The industry anticipated that the application from BlackRock, the world’s largest money manager known for its near-perfect application track record, could potentially sway the SEC towards approving a spot bitcoin ETF. However, the SEC claimed the filings failed to identify the spot bitcoin exchange required for a “surveillance-sharing agreement” or provide sufficient details regarding such surveillance arrangements.

A Cboe spokesperson confirmed plans to update and refile.

Information for this briefing was found via the WSJ and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

SEC Staffers Charged in $1 Million Insider Trading Scheme

Federal prosecutors allege that Justin Chen, 31, and Jun Zhen, 29, exploited their privileged access...

Monday, June 30, 2025, 08:14:02 AM

SEC Charge Penn National Gaming Employee Who Made US$560K From Insider Trading

A software engineer on Monday was charged with insider trading on a public company’s stock...

Wednesday, June 15, 2022, 11:00:00 AM

France Protests Against Pension Reform Escalate To Storm BlackRock Offices

Demonstrators stormed BlackRock’s Paris office on Thursday, carrying their protest against the government’s pension reforms...

Thursday, April 6, 2023, 12:10:00 PM

Coinbase Under Investigation By SEC For Staking Program, Among Other Items

Coinbase Global (NASDAQ: COIN) has revealed that it is under investigation by the Securities and...

Wednesday, February 22, 2023, 12:57:01 PM

SBF, Prosecutors Allegedly Discussing Bail Deal Upon US Extradition

Sam Bankman-Fried, the disgraced FTX founder accused of orchestrating one of the biggest ponzi schemes...

Wednesday, December 21, 2022, 11:13:48 AM