Though the SEC hasn't outright rejected a recent wave of applications, the long-sought spot bitcoin ETF still faces significant hurdles.
A spokesperson for the SEC declined to comment “on potential filings.” A Cboe spokesperson said it plans to update their filing and resubmit it to the SEC. Nasdaq, BlackRock and Fidelity declined to comment.“The notion of a spot bitcoin ETF is very emotionally charged for some people, but it’s not unusual for the SEC to send applications back and ask for clarifications,” said Sean Tuffy, a financial regulatory expert.
“I see this as very encouraging news as the SEC did not just go ahead and turn it down,” Fang said. “It basically kicked it back and said, work on the application and there is a chance that this may get approved.” Splitting those services might also help assuage the SEC’s longstanding hangup with bitcoin spot ETF applications: that the underlying market is opaque and prone to possible manipulation. The agency accuses Binance of market manipulation in its enforcement action against the crypto trading giant.Tuffy saw this regulatory skepticism towards existing crypto trading platforms as an issue for ETF applications moving forward.
Tuffy also saw it as an opportunity for traditional financial institutions to step into a bigger role in crypto markets, seeing it as a possibility that Nasdaq accelerates their offering in reaction to the SEC’s guidance.
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