According to sources cited by the Wall Street Journal (WSJ), the U.S. SEC has informed the Nasdaq and Cboe exchanges that the recent filings for spot Bitcoin exchange-traded fund (ETF) funds made by BlackRock, Fidelity, and other firms were lacking in clarity and comprehensiveness. The SEC returned the filings because they did not provide sufficient information about surveillance sharing arrangements. However, the asset managers have the opportunity to update the language and resubmit the filings. A Cboe spokeswoman mentioned in the WSJ report that they plan to update and resubmit their filing, while both Nasdaq and the SEC declined to comment. The development nevertheless caused a sharp decline in the price of BTC, dropping from over $31,000 to $29,830. Fidelity joined the race for a spot Bitcoin ETF, following other firms such as BlackRock, WisdomTree, and Invesco, all of whom have recently filed similar proposals. It is worth noting that the SEC has not yet approved any spot Bitcoin ETF. Bloomberg ETF analyst Eric Balchunas tweeted that the situation is not as negative as the headlines may suggest. He explained that the request for more details on the crypto exchange and surveillance sharing arrangements is understandable and could be considered as potentially positive news. He had initially thought that the update would require more changes as well.
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