Bitcoin, temporary plunge ─ SEC reports that Bitcoin ETF application is insufficient | CoinDesk JAPAN | Coin Desk Japan

The SEC (U.S. Securities and Exchange Commission) said the filings for the recent spate of Bitcoin exchange-traded fund (ETF) applications were inadequate, The Wall Street Journal (WSJ) said on the morning of the 30th, according to sources familiar with the matter. quoted and conveyed.

Following the news, Bitcoin (BTC) price fell by almost $1,000, or more than 3%, in just a few minutes. At the time of this writing, around $30,460).

According to the article, the SEC told the Nasdaq and the Chicago Mercantile Exchange (CBOE) — an exchange that has filed documents with the SEC in line with the filings of several asset managers, including BlackRock and Fidelity — that the filing was clarified. was inadequate and not comprehensive.

The problem is that the “monitoring sharing agreement” has not been submitted with enough detailed information, such as which exchange to use. CBOE indicated to the WSJ and CoinDesk that it plans to submit information.

The SEC previously said in its rejection of the Bitcoin ETF application that a Bitcoin ETF would have to enter into a surveillance sharing agreement with a sizeable regulated market.

A “substantial market” is a market in which those who wish to manipulate the price of the ETF’s product (in this case, bitcoin) will have to trade in the same market as that product. In short, a surveillance sharing agreement is a mechanism for identifying those who intend to manipulate the market.

An SEC spokesperson told CoinDesk, “We do not wish to comment on possible individual filings.”

BlackRock’s bitcoin ETF filing in mid-June sent the price of bitcoin from below $26,000 to a one-year high above $31,000. In the wake of BlackRock’s application, other asset managers, including Invesco and Fidelity, have also applied or re-applied for Bitcoin ETFs.

Spokespeople for BlackRock, Fidelity and Galaxy (co-filed with Invesco) declined to comment.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CoinDesk
｜Original: Bitcoin Tumbles on Report of SEC Saying Spot BTC ETF Filings Inadequate