U.S. Securities and Exchange Commission (SEC) Says Insufficient Documentation in Bitcoin Spot Application - WSJ
However, BlackRock could still re-apply for a Bitcoin spot exchange-traded fund (ETF)… In my opinion, this news is just noise. Want cheap chips.
Here are the important wordings:
"The SEC told the exchanges that they returned the applications because the applications did not list the names of Bitcoin spot exchanges with which they expected to have "monitoring sharing agreements," nor did they provide sufficient information about the details of these monitoring arrangements. Asset Management Company It is possible to update the wording and resubmit the application."
This could even be interpreted to mean that the SEC is giving BlackRock instructions on what they need to do to get through and get approval... which is obviously a positive.
