Inadequate Filings Delay Spot Bitcoin ETFs in the United States
In recent filings, the Securities and Exchange Commission (SEC) has deemed applications from prominent asset managers like BlackRock, ARK Invest, Fidelity, and others as “not sufficiently clear and comprehensive.”
Longer Wait for Spot Bitcoin ETFs
Investors in the United States may have to wait longer for the introduction of a spot Bitcoin exchange-traded fund (ETF) due to the SEC’s labeling of investment managers’ recent applications as inadequate. The SEC conveyed its concerns to the Nasdaq and the Chicago Board Options Exchange (Cboe), representing asset managers in the filing process of financial products.
SEC’s Expectations
The SEC expects the exchanges to disclose the spot Bitcoin exchange with which they have a “surveillance-sharing agreement” or provide comprehensive details about those surveillance arrangements. Asset managers can resubmit their filings after clarifying this information to meet the regulatory requirements.
Applications Surge and Surveillance Sharing Agreement
A flurry of applications for spot Bitcoin ETFs has been filed in the past few weeks, particularly after BlackRock expressed interest in debuting the first spot Bitcoin ETF on Wall Street. BlackRock’s application introduced the concept of a “surveillance-sharing agreement,” a mechanism to share market trading and clearing activity information between entities to prevent market manipulation.
Following BlackRock’s lead, ARK Invest and 21Shares also amended their third application for a spot BTC ETF to include a similar surveillance-sharing agreement. Several other asset managers like Invesco, WisdomTree, Valkyrie, and Fidelity have refiled or amended their applications in the past days. ARK Invest is rumored to be a front-runner in this race.
Ecosystem
Research
News Network
About