BlackRock, ARK Invest, Fidelity, and other fund managers have recently filed with the SEC, but the SEC claims that their filings are not “sufficiently clear and comprehensive.”
U.S. investors may have to wait longer to access a Bitcoin exchange-traded fund (ETF) due to the Securities and Exchange Commission’s (SEC) criticism of recent ETF applications from investment managers.
The securities regulator has reportedly informed the Nasdaq and the Chicago Board Options Exchange (Cboe) that their disclosures are not “sufficiently clear and comprehensive.” In the financial product filing, these markets stand in for asset managers.
The SEC believed that the exchanges were responsible for disclosing the identity of the spot Bitcoin exchange with whom they would be participating in a “surveillance-sharing agreement” or giving adequate information about the nature of such a deal. Asset managers may resubmit their forms after making the necessary corrections.
In the weeks after BlackRock added its name to the growing list of organisations hoping to introduce the first spot Bitcoin ETF on Wall Street, a rush of applications has been submitted. To prevent market manipulation, BlackRock proposed a “surveillance sharing agreement,” whereby firms exchange information on trading and clearing activity in the market.
After seeing BlackRock’s proposal, ARK Invest and 21Shares incorporated a similar monitoring agreement in their third spot BTC ETF application. Invesco, WisdomTree, Valkyrie, and Fidelity are just some of the other asset managers that have resubmitted or revised their applications in recent days. However, ARK Invest is said to be in the lead.
ETFs are traded on exchanges and typically follow an index. An exchange-traded fund (ETF) that invests in several cryptocurrencies and follows the price of one or more digital tokens is known as a cryptocurrency ETF.
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