SEC spells out bitcoin ETF concerns to asset managers -source

The U.S. Securities and Exchange Commission (SEC) has reportedly stated that recent applications to launch spot bitcoin exchange-traded funds (ETFs) by asset managers were not sufficiently clear and comprehensive. The SEC conveyed its concerns to exchanges Nasdaq and Cboe Global Markets, which had filed the applications on behalf of asset managers BlackRock and Fidelity. The rejection of these applications by the SEC has dampened investor hopes and resulted in a drop in the price of bitcoin. The applicants had proposed a surveillance mechanism to prevent manipulation but did not disclose the specific bitcoin exchange involved.