Regulatory Setback: SEC Dismisses BlackRock and Fidelity Bitcoin ETF Proposals as Inadequate
Join Our Telegram channel to stay up to date on breaking news coverage For the last two weeks, the crypto industry — including numerous experts — speculated whether the US Securities and Exchange Commission (SEC) would finally approve a Bitcoin ETF. However, after an entire wave of applications, the regulator responded, calling them “inadequate.” The response emerged in WSJ earlier today in a report that cited people familiar with the matter. They claimed that the regulator considers the applications unclear and incomprehensive. This was not the outcome many had expected, given that the companies worked to improve on all the issues the regulator pointed out before. Furthermore, the revelation was quite striking, as one of the applications came from BlackRock, the world’s largest asset manager itself. The SEC says the ETF applications lack clarity The unnamed source that shared the SEC’s insight believes that the BTC ETF applicants were not...