Potato hates Crypto
Back to the digital drawing board.
From The Wall Street Journal:
The Securities and Exchange Commission said a recent wave of applications filed by asset managers to launch spot bitcoin exchange-traded funds are inadequate, according to people familiar with the matter.
The agency informed exchanges Nasdaq and Cboe Global Markets, which filed the applications on behalf of asset managers including BlackRock and Fidelity Investments, that the filings aren’t sufficiently clear and comprehensive, the people said.
A wave of traditional and crypto asset managers followed in BlackRock’s footsteps [after its mid-June petition]. Fidelity Investments, Cathie Wood’s Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management and Valkyrie all reactivated or amended their applications for a spot bitcoin ETF in recent days.
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