SEC Deems Recent Bitcoin ETF Applications Inadequate, Causing Longer Wait for Approval

June 30 (Cointime) - The Securities and Exchange Commission (SEC) has deemed recent applications for a spot Bitcoin exchange-traded fund (ETF) inadequate, potentially delaying the launch of such a product in the US. The SEC has informed the Nasdaq and the Chicago Board Options Exchange (Cboe) that their filings lack clarity and comprehensiveness.

The exchanges should have named the spot Bitcoin exchange with which they would have a "surveillance-sharing agreement" or provided sufficient information about the details of those surveillance arrangements. However, asset managers can resubmit the filings after clarifying the information.

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