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Gary

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<p class="is-style-lead">The U.S. Securities and Exchange Commission (SEC) has reportedly found recent applications for spot Bitcoin exchange-traded funds (ETFs) wanting in specificity, despite filings from major players like BlackRock and Fidelity.</p> 
<p>The United States Securities and Exchange Commission (<a href="https://crypto.news/sec-vs-coinbase-and-new-lawsuit-history-of-the-years-long-battle/" data-type="URL" data-id="https://crypto.news/sec-vs-coinbase-and-new-lawsuit-history-of-the-years-long-battle/">SEC</a>) has reportedly deemed the recent flood of spot Bitcoin exchange-traded funds (ETFs) applications as deficient, based on a Wall Street Journal <a href="https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8" data-type="URL" data-id="https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8" target="_blank" rel="noreferrer noopener">article</a>.</p> 
<p>Insiders have shared that the topmost regulatory body has pronounced the applications insufficiently detailed. This information comes as a surprise, given the number of Bitcoin ETF applications filed this month, with notable entries from leading asset manager <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/" data-type="URL" data-id="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/">BlackRock</a> and others.</p> 
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   <p lang="en" dir="ltr">Gary Gensler and the SEC trying to stop Bitcoin ETFs<a href="https://t.co/d4ysgKuxAk" target="_blank">pic.twitter.com/d4ysgKuxAk</a></p>— LilMoonLambo (@LilMoonLambo) <a href="https://twitter.com/LilMoonLambo/status/1674782092453101571?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 30, 2023</a>
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<p>Sources state that the SEC isn’t convinced that the Bitcoin ETF applicants have outlined adequately their strategies for handling a “surveillance-sharing agreement”. This agreement, designed to inhibit fraudulent practices and manipulation, requires fund issuers to monitor market trading activity, clearing activity, and customer identity. According to the SEC, all Bitcoin ETF applications to date have not met this criterion satisfactorily.</p> 
<p>BlackRock’s participation in the race caused a surge in bitcoin’s value, resulting in several other key fund managers <a href="https://crypto.news/circle-ceo-jeremy-allaire-optimistic-about-bitcoin-etf-approvals/" data-type="URL" data-id="https://crypto.news/circle-ceo-jeremy-allaire-optimistic-about-bitcoin-etf-approvals/">following</a> in their footsteps. Yesterday, leading American firm Fidelity put forth an application. Additional submissions have been received from <a href="https://crypto.news/invesco-submits-new-spot-bitcoin-etf-application/" data-type="URL" data-id="https://crypto.news/invesco-submits-new-spot-bitcoin-etf-application/">Invesco</a>, <a href="https://crypto.news/asset-manager-wisdomtree-files-bitcoin-etf-application/" data-type="URL" data-id="https://crypto.news/asset-manager-wisdomtree-files-bitcoin-etf-application/">Wisdom Tree</a>, Valkyrie, and Bitwise.</p> 
<p> You might also like: <a href="https://crypto.news/fidelity-submits-renewed-application-for-spot-bitcoin-etf/"> Fidelity submits renewed application for spot bitcoin ETF </a> </p> 
<p>A spot Bitcoin ETF remains non-existent in the U.S. due to the SEC’s continued reluctance towards approval. The commission maintains that the potential manipulation of <a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">bitcoin’s price</a> is one of the primary deterrents.</p> 
<p>However, investors are eager for such a product, which would offer them a route to engage with bitcoin without dealing directly with asset custody, as per industry experts.</p> 
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<p>In its application submitted yesterday, Fidelity suggests that their product would allow investors seeking exposure to the <a href="https://crypto.news/market-cap/" data-type="URL" data-id="https://crypto.news/market-cap/">crypto sector</a> to circumnavigate associated risks. An ETF is an investment instrument that shadows the value of a base asset such as gold, foreign currencies, or bitcoin.</p> 
<p>Despite these concerns, the SEC recently gave the green light to the inaugural leveraged Bitcoin futures ETF: Volatility Shares 2x Bitcoin Strategy ETF (BITX), which became available to investors on the Chicago Board Options (CBOE) BZX Exchange last Tuesday.</p> 
<p> Read more: <a href="https://crypto.news/cathie-woods-ark-reportedly-ahead-in-race-for-btc-etf/"> Cathie Wood’s ARK reportedly ahead in race for BTC ETF </a> </p>

SEC finds spot bitcoin ETF applications lacking in details

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