Spot bitcoin ETF applications found inadequate by the SEC: Report

the Securities and Exchange Commission reportedly rejecting recent filings for a spot Bitcoin ETF Bitcoin sliding on the news here with more on this Yahoo finances Jennifer schomberger Jen hey there Shawna yeah that's right the security is an Exchange Commission reportedly found that a handful of spot Bitcoin ETF applications just aren't adequate The Wall Street Journal and Reuters are reporting that the SEC told the NASDAQ and CBOE which have filed applications on behalf of asset managers including BlackRock infidelity Investments that their applications aren't sufficiently clear nor comprehensive the SEC Fidelity and BlackRock declined comment following blackrock's lead Fidelity Investments Invesco and Wisdom Tree were among some of the names who reactivated or amended their applications for a spot Bitcoin ETF several managers have filed applications with the SEC for a spot Bitcoin ETF over the past couple of years only to find them rejected the SEC has argued that spot ETFs are vulnerable to fraud and Market manipulation spot ETFs hold the actual underlying cryptocurrency like Bitcoin the Commodities Futures Trading commission has approved the Bitcoin future ETFs which consist of future contracts that track the cryptocurrency's price and may or may not move in lockstep with the underlying asset Bitcoin and other crypto stocks have rallied since mid-june when BlackRock filed paperwork with the SEC of course not looking like the SEC may be changing its mind anytime soon about these Bitcoin spot applications back to you Jennifer schomberger thanks so much for that

Channel: Yahoo Finance

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Keywords: Yahoo Finance, Personal Finance, Money, Investing, Business, Savings, Investment, Stocks, Bonds, FX, Currencies, NYSE, Equities, News, Politics, Market, Markets, Yahoo FInance Premium, Stock market, Bitcoin, Cryptocurrency, ETF, SEC

Id: B4MUgOnf-Lw

Length: 1min 50sec (110 seconds)

Published: Fri Jun 30 2023