Bitcoin breaks below $30k as WSJ reports SEC will block spot Bitcoin ETFs again Bitcoin breaks below $30k as WSJ reports SEC will block spot Bitcoin ETFs again
WSJ claims SEC will find spot Bitcoin ETF applications inadequate
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Updated: Jul. 3, 2023 at 4:52 pm UTC
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Bitcoin’s value slid below the $30,000 mark as the Securities and Exchange Commission (SEC) signals an impending block on spot Bitcoin exchange-traded funds (ETFs), according to a report by the Wall Street Journal. This development comes amidst a flurry of spot ETF applications by numerous asset managers seeking broader market access to the cryptocurrency.
Quick Take
This is a breaking story; this article will be updated as it develops. The WSJ highlighted the following:
- The Securities and Exchange Commission (SEC) has deemed recent applications for spot Bitcoin exchange-traded funds (ETFs), filed by Nasdaq and Cboe Global Markets on behalf of asset managers like BlackRock and Fidelity Investments, as inadequate due to lack of clarity and comprehensiveness.
- Other asset managers such as Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie have also reactivated or amended their applications for a spot Bitcoin ETF.
- The SEC has consistently rejected such funds since 2017 due to concerns about vulnerability to fraud and market manipulation.
- The SEC informed the exchanges to revise the language in their applications and refile, with a Cboe spokeswoman confirming their intent. At the same time, Nasdaq, the SEC, and representatives from BlackRock, Fidelity, Invesco, WisdomTree, and Ark Investment Management declined to comment.
These developments underscore the ongoing regulatory complexities surrounding cryptocurrency. The potential for broader market access to Bitcoin via spot ETFs remains uncertain as regulatory concerns persist and the need for clarity and comprehensive information in market operations is growing increasingly pertinent.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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