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Sunday, July 21, 2024

Bitcoin Dumps Below $30K as SEC Warns That Recent BTC Spot ETF Filings Are ‘Inadequate’ (WSJ)

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The US Securities and Exchange Commission has reportedly issued a warning that the recent Bitcoin Spot ETF filings by financial giants, such as Fidelity and BlackRock, could lack comprehensive details.

The agency has a long history of rejecting such products in the States, and its current war on crypto is likely not helping.

  • BlackRock made the headlines a few weeks ago when it filed to launch a Bitcoin Spot ETF in the States, which, if approved, would be the first such product in the country.
  • The company’s record is quite spectacular, with only one proposed ETF rejected by the SEC almost a decade ago.
  • The move was regarded as a hugely positive development for the industry that could open the doors for others as well, and Fidelity reapplied shortly after.
  • However, a new report by the Wall Street Journal, citing people familiar with the matter, claims that the US securities regulator is not keen on approving either of these applications.
  • According to the WSJ, the SEC has informed Nasdaq and CBOE that the applications filed on behalf of BlackRock and Fidelity are not “sufficiently clear and comprehensive.”
  • Given that the agency has used that justification in the past to reject multiple Bitcoin Spot ETF applications, the news was followed by a sharp price drop from BTC.
  • The cryptocurrency flirted with the $31,000 level today, but it plummeted by over a grand within an hour after the report came out to a 10-day low of under $30,000.

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