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The United States Securities and Exchange Commission (SEC) has said that the spot Bitcoin ETF applications made by asset management giants BlackRock (NYSE: BLK) and Fidelity were confusing and incomplete.

The news has caused Bitcoin (BTC) price to sharply drop from a daily high of $31,256.86 to a low of $29,600.28. The price has, however, since shown some signs of a slow recovery seeing that it has found its way back above $30K. At press time, it was trading at $30,530.57.

Asset management titans including BlackRock and Fidelity, among others, had submitted their applications for spot Bitcoin exchange-traded funds (ETFs) through Nasdaq and Cboe Global Markets.

Sadly, the SEC has rejected the applications because they were insufficient, necessitating an immediate need for revision. Over the past few years, the agency has rejected a number of Bitcoin ETF applications due to these deficiencies.

The SEC has long-standing concerns about possible fraud and market manipulation vulnerabilities, which have led to this pattern of rejections being consistently made. In fact, the SEC denied a Fidelity application in January 2022, claiming that the application did not adhere to established standards meant to discourage dishonest and manipulative practices.

In an effort to keep the playing field level, strict adherence to regulations is intended to safeguard investors and the general public.

Other asset managers like Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie were also impacted by the SEC’s recent assessment. According to a tweet by Eric Yakes, $15 trillion worth of Wall Street firms had filed for spot Bitcoin ETFs.

In response to the SEC’s ongoing criticism, these organizations either updated or reactivated their spot Bitcoin ETF applications.

The post Bitcoin shudders after SEC says recent Bitcoin ETF filings inadequate appeared first on Invezz.

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