WSJ: SEC Will Reject BlackRock’s and Fidelity’s ETF Application

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The SEC has informed Nasdaq and CBOE exchanges that applications from BlackRock, Fidelity, and other companies for spot Bitcoin ETFs were deemed to be “not clear and comprehensive” due to the lack of information regarding the joint monitoring agreement or its details, The Wall Street Journal has reported citing informed sources

In response, a CBOE spokesman said they plan to update and resubmit their application, and Fidelity’s filing included a key addition to BlackRock’s proposal.

So far, the majority of applications for exchange-traded funds based on the first cryptocurrency have been rejected, with the exception of ProShares and Valkyrie Investments products based on Chicago Mercantile Exchange bitcoin futures.

Grayscale even sued the regulator after the rejection.