June 30 (Cointime) - According to sources, the Nasdaq and Cboe exchanges were informed by the U.S. Securities and Exchange Commission that recent filings for spot bitcoin ETF funds from BlackRock and Fidelity were inadequate in terms of clarity and comprehensiveness.

The SEC cited insufficient information about surveillance arrangements as the reason for returning the filings. Following this news, the value of bitcoin dropped from over $31,000 to $30,080.