SEC Says Recent Bitcoin Spot ETF Applications Are Inadequate

The U.S. Securities and Exchange Commission (SEC) has deemed the recent wave of spot Bitcoin exchange-traded fund (ETF) applications as inadequate due to lack of clarity. The SEC believes that the applicants, including BlackRock, have not provided sufficient details on how they will manage a surveillance-sharing agreement to prevent fraud and manipulation. Despite the demand from investors for a Bitcoin ETF, the SEC has been hesitant to approve one, citing concerns about market manipulation. However, the SEC recently approved the first leveraged Bitcoin futures ETF, indicating a potential shift in its stance.