The U.S. Securities and Exchange Commission (SEC) may have passed judgement that BlackRock and Fidelity’s applications for a spot Bitcoin ( ) exchange-traded fund (ETF)leave something to be desired. According to a recent article by The Wall Street Journal, the main regulatory agency informed Nasdaq and the Chicago Board Options Exchange (CBOE), who had filed the requests for both organizations, that the corresponding documents failed to provide ample details on the ETFs. Analysts noted that Black’sRock’s application held a substantial leaning towards passing ascustomary call from the SEC toward a sound ‘surveillance’ agreement with Nasdaq for listing the BTC ETF – a privilege for investors to acquire andmonitor Bitcoin analogous to stocks and other commodities such as gold. In the contrary, the corresponding agencyclaims that the appropriate points of the documents missed adequate explanations regarding the Bitcoin ETF it is in collaboration with and the particulars behind the surveillance agreement.
Bloomberg senior ETF analyst Eric Balchunas appraised the current situation resolutely. BlackRock, the superlative investment firm of the world, with over $10 trillionin assets kept under its control, hadentreated for a BTC ETF in the ongoing month, with billionaire Mike Novogratz plausibly proposing blue-chip financieriat for digital asset industry. Even so, the SEC would not sign off any motions made for a Bitcoinspot, including submission by VanEck and ARK Invest.
