US SEC is in the mood to reject all Bitcoin spot ETF applications
Reportedly the American securities regulatory body stated that the latest Bitcoin spot ETF applications are also not able to secure regulatory approval.
In a couple of weeks, several asset management firms submitted their Bitcoin spot ETF applications with the United States Securities Exchange Commission (SEC). In particular giant asset manager BlackRock grabbed huge popularity for its Bitcoin spot ETF application. The whole news also acted as a catalyst to pump Bitcoin by nearly 20%.
On 30 June 2023, Wall Street Journal (WSJ) reported that the US SEC talked about the recent Bitcoin spot ETF applications with Nasdaq and the Chicago Board Options Exchange (Cboe).
Reportedly the American securities regulatory body told these national public exchanges that all the applications are not sufficiently clear and comprehensive.
In short, the US SEC finds all the Bitcoin spot ETF applications inadequate & that will be the main potential reason for all such applications to get potential rejection in the future.
Following the news, the Bitcoin (BTC) trade price plunged from $31k to $30k within 15 minutes. The current trade price of Bitcoin is $30,464 & trading at a neutral price over the last 24 hours of trade price.
Mixed reaction
No doubt that Bitcoin is getting huge investment flow because of the Bitcoin spot ETF applications filing news but in reality, there are huge numbers of Bitcoin proponents who are not favouring the idea of Bitcoin spot ETF products.
According to such people, Bitcoin spot ETF products will shift the trade price control of Bitcoin under the hand of very big players & small retail investors will not be able to make anything.
In contrast, the majority of the crypto investors think that approval of Bitcoin spot ETF applications means 100% legal clarity for the Bitcoin & crypto sector in the US jurisdiction.
Read also: Slovakia to reduce crypto gain taxes by 18%
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