Nasdaq and Cboe get SEC complaints for spot bitcoin ETF filings

According to the Wall Street Journal, recent registrations for spot bitcoin ETF funds weren’t “clear and comprehensive,” the U.S. Securities and Exchange Commission reportedly informed the Nasdaq and Cboe exchanges.

According to the Wall Street Journal, which cites individuals familiar with the matter, the SEC informed the Nasdaq and Cboe exchanges that recent disclosures from BlackRock, Fidelity, and others for spot bitcoin ETF products weren’t “clear and complete.”

According to the WSJ, the SEC rejected papers because they needed more detail about their surveillance-sharing agreements. According to the WSJ, asset managers may revise their filings using updated terminology.

The WSJ quotes a Cboe spokesperson stating the exchange plans to amend and resubmit its application. According to the WSJ, the Nasdaq and the SEC refused to comment. After hearing the news, bitcoin’s value dropped from almost $31,000 to $29,830.

On Thursday, Fidelity entered the fray for a spot in Bitcoin ETF, following in the footsteps of other corporations like BlackRock, WisdomTree, and Invesco. A spot Bitcoin ETF has yet to be approved by the SEC.

“Bloomberg ETF analyst Eric Balchunas tweeted, “This isn’t as bad as a headline.” The SEC has asked for the “crypto exchange’s” name and more information about SSA, and they have been unnamed. That makes sense and is encouraging news. I assumed they’d have to make changes there as well.”

Also Read: IMF Official Warns That US Dollar Weaponization Is Creating A Currency Crisis