SEC Rejects BlackRock and Fidelity’s Bitcoin ETF Applications, Sending Bitcoin Price into a Tailspin

Lack of Clarity and Investor Protection Criteria Leave Investment Giants BlackRock and Fidelity Stranded in their Pursuit of Bitcoin ETFs

The US Securities and Exchange Commission has announced that applications submitted by investment giants to create ETFs in bitcoin do not meet the required requirements, informed sources told the Wall Street Journal.

- Advertisement -

The SEC reportedly informed the Nasdaq and Cboe exchanges that the applications lacked the required clarity and completeness.

BlackRock and Fidelity had reportedly submitted a request to the SEC to create an ETF that would track the price of bitcoin on the spot market.

Immediately after the WSJ report the price of bitcoin plunged below $30,000 to $29,868, recording a 2% loss.

The US regulator has rejected dozens of applications for ETFs in bitcoin in recent years, including an earlier application by Fidelity in January 2022.

In all cases, the authority stressed that the applications did not meet criteria to protect investors from fraud and manipulation.

LATEST POSTS

Previous Articles:

- Advertisement -

Latest News

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

EU Commission Eases Stablecoin Stance, Calms Bank Run Concerns

The European Commission downplayed the risk of bank runs linked to stablecoins after concerns...

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Nasdaq Integrates Canton Blockchain for 24/7 Collateral Management

Nasdaq has integrated blockchain technology from the Canton Network into its Calypso platform to...

Pepe Meme Coin Drops 4.7% as Investor Interest Fades Further

Pepe meme coin dropped 4.7% in value over the past 24 hours, trading at...

Must Read

14 Ways On How to Make Money with Cryptocurrency

Many people want to make money with cryptocurrency because they have heard the success stories of people who became millionaires from zero.If you...