Several financial giants, including Fidelity, 21Shares, and WisdomTree, have changed their filings with the Securities and Exchange Commission in regard to their applications for Bitcoin Spot ETFs.
This comes just hours after the US securities regulator reportedly warned that all recent filings for such products were “inadequate.”
BlackRock splashed the waters two weeks ago when it filed with the SEC to launch a Bitcoin Spot exchange-traded fund. While it was definitely not the first to try its luck, it was unquestionably the largest financial entity to do so.
The move was mimicked by several other notable players, including Fidelity, which copied BlackRock’s application, while Ark Invest changed its own to be the same as the world’s largest asset manager.
However, the Wall Street Journal cited people familiar with the matter that said the SEC was not impressed by the recent filings as they were not “sufficiently clear and comprehensive.”
Aside from the negative effects on BTC’s price, the SEC’s warning resulted in immediate actions from the companies that have active applications for such a product.
As reported by Bloomberg, some of the names include Fidelity Investments, Invesco, 21Shares, WisdomTree, and VanEck.
All changes involve Coinbase, as the largest US exchange has now been named as custodian of the funds and will provide market surveillance. The SEC has previously rejected all Spot Bitcoin ETF applications alleging that they failed to provide clear information on how the products aim to protect investors from market manipulation.
It’s worth noting, though, that the Commission has its own legal issues with Coinbase, as it sued the latter for selling unregistered securities. The exchange denied the allegations and most recently filed to have all charges dropped.
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