Bitcoin’s value slid below the $30,000 mark as the Securities and Exchange Commission (SEC) signals an impending block on spot Bitcoin exchange-traded funds (ETFs), according to a report by the Wall Street Journal. This development comes amidst a flurry of spot ETF applications by numerous asset managers seeking broader market access to the cryptocurrency.
Quick Take
This is a breaking story; this article will be updated as it develops. The WSJ highlighted the following:
The Securities and Exchange Commission (SEC) has deemed recent applications for spot Bitcoin exchange-traded funds (ETFs), filed by Nasdaq and Cboe Global Markets on behalf of asset managers like BlackRock and Fidelity Investments, as inadequate due to lack of clarity and comprehensiveness.
Other asset managers such as Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie have also reactivated or amended their applications for a spot Bitcoin ETF.
The SEC has cons
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