SEC reacted to bitcoin ETF applications — companies had to adjust them

Fidelity, together with other companies, sent more precise proposals to the SEC to launch a spot market with bitcoin ETFs. After all, past statements did not satisfy the department.

What is known about the dissatisfaction of the SEC

Last week, the WSJ reported that the agency decided to return the applications. It explained this by the fact that they lacked specifics on the agreement on general observation. However, there were no necessary details. The latter was the main addition to BlackRock's statement.

The companies had to include in the applications that the support of joint surveillance will be carried out jointly with the cryptocurrency exchange Coinbase. 

The publication notes that the chances of approval thanks to this greatly increased. They explained this by saying that the aforementioned mechanism will help reduce the risks of fraud and manipulation of the crypto market. The concern of the department that there will be a bad organization of this nuance was the reason for the rejection of absolutely all applications for the start of bitcoin-NFT. For your information, there were 30 of them.

At the same time, the Sec decided to make an exception to the companies ProShares and Valkyrie. Bloomberg reported that the Coinbase crypto exchange is ready to help fund sponsors in various industries.

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