The U.S. Securities and Exchange Commission told the Nasdaq and Cboe exchanges that recent filings from BlackRock, Fidelity and others for spot bitcoin ETF funds weren't "clear and comprehensive," the Wall Street Journal reported, citing people familiar.
The SEC said it returned filings because they didn’t provide enough information about surveillance sharing arrangements, the WSJ said. Asset managers can update language and refile, the WSJ reported.
The WSJ cited a Cboe spokeswoman as saying it intends to update and refile. Nasdaq and the SEC declined to comment, the WSJ said.
The race to a spot bitcoin ETF
Bitcoin quickly plunged on the news, declining from over $31,000 to $29,830.
Fidelity rejoined the mad rush for a spot bitcoin ETF on Thursday, following other firms like BlackRock, WisdomTree and Invesco, which have all made similar filings in recent weeks.
The SEC has yet to approve a spot bitcoin ETF.
"This isn't as bad as headline," Bloomberg ETF analyst Eric Balchunas said on Twitter. "Basically SEC wants them to name the "crypto exchange" and give more details on SSA. That's understandable, arguably good news. I was under impression they'd have to update that as well."
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