Spot Bitcoin ETF To Still Face Important Hurdles

It has been just revealed that the Spot BTC ETF could be still faced with all kinds of hurdles in the future. Check out the latest reports about this below.

The value of Bitcoin increased by almost 25% within a span of two weeks after the announcement of BlackRock’s proposal to the Securities and Exchange Commission for a bitcoin spot exchange-traded fund.

BlackRock has a reputable history with ETF applications, and ETFs can provide easier access to underlying assets for retail investors, which could result in an influx of millions or billions of dollars into different markets.

Investors and holders of Bitcoin saw the entry of the prominent firm into the crowded field of bitcoin spot ETF seekers as an opportunity for success.

However, the Wall Street Journal reported that the SEC has requested BlackRock and other recent applicants, such as Nasdaq, Cboe, and Fidelity, to review and resubmit their applications. This move did not come as a surprise to industry experts.

A spokesperson for the SEC declined to comment “on potential filings.” A Cboe spokesperson said it plans to update their filing and resubmit it to the SEC. Nasdaq, BlackRock and Fidelity declined to comment.

According to a recent report by The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) has expressed concerns regarding BlackRock and Fidelity’s applications for a Bitcoin (BTC) exchange-traded fund (ETF).

The regulatory agency reportedly informed Nasdaq and the Chicago Board Options Exchange (CBOE), who submitted the applications on behalf of the companies, that they are unclear and incomplete.

According to reports, some experts monitoring the situation predicted that BlackRock’s proposal, which involves sharing “surveillance” of a Bitcoin ETF with Nasdaq, would satisfy the SEC. Check out our previous article for more details about the matter.