Reportedly the U.S. Securities and Exchange Commission has said that the wave of spot Bitcoin exchange-traded funds (ETFs) applications filed this month are inadequate and the top regulator has said the applications just aren’t clear enough. One of the world’s biggest asset manager BlackRock is among the applicants to file for a Bitcoin ETF this month.
Sources say the SEC doesn’t think the Bitcoin ETF applicants have been specific enough about how they’ll manage a “surveillance-sharing agreement,” which is meant to deter fraud and manipulation by ensuring the fund issuer is monitoring market trading activity, clearing activity and customer identity. So far, the SEC has denied all Bitcoin ETF applications .
