The US Securities and Exchange Commission is pushing back against a wave of filings by asset managers to launch the first US exchange-traded fund that invests directly in Bitcoin, saying the applications lack clarity and further information is needed before they’re considered for approval.
The agency told exchanges including Nasdaq and Cboe Global Markets, which filed the applications on behalf of BlackRock and Fidelity Investments, that their filings are insufficient, according to people familiar with the matter. A Cboe spokesperson confirmed that it will refile on the behalf of Fidelity. Nasdaq is working to answer questions and give updates for its next iteration of the filing.
