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Report: US SEC Finds Spot Bitcoin ETF Filings Inadequate

Report: US SEC Finds Spot Bitcoin ETF Filings Inadequate

The Securities and Exchange Commission (SEC) has deemed recent filings from asset managers including BlackRock, ARK Invest, and Fidelity as “not sufficiently clear and comprehensive” in their applications for a spot Bitcoin exchange-traded fund (ETF) in the United States. The SEC has requested that the exchanges provide more information about their surveillance-sharing agreements with spot Bitcoin exchanges. However, asset managers have the opportunity to resubmit their filings after clarifying the necessary details. This comes after a surge in applications for a spot Bitcoin ETF, with BlackRock’s application leading other asset managers to amend their filings to include similar surveillance agreements. While spot Bitcoin ETFs have been denied by the SEC since 2017, they are already available in Canada. Three significant funds in Canada are directly invested in spot Bitcoin.

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