Bitcoin Tumbles on Report of SEC Saying Spot BTC ETF Filings Inadequate

The news sent the price of bitcoin plunging by $1,000, or more than 3%, in the space of a few minutes. At press time, bitcoin was trading just above $30,000.

According to the story, the SEC has informed Nasdaq and CBOE – the exchanges that filed the spot ETF paperwork for several of the asset managers, including giants BlackRock and Fidelity – that the applications aren’t sufficiently clear and comprehensive. At issue, the story continued, is that the filings didn't have enough detail with respect to the “surveillance-sharing agreements," including which spot bitcoin exchange would be used. The asset managers can update their applications and refile, and the CBOE indicated to the WSJ that it plans to do so.

"We would decline to comment on the possibility of individual filings," an SEC spokesperson told CoinDesk.for a strong run higher in the price of bitcoin since, sending the crypto from below $26,000 to one-year highs above $31,000. The BlackRock application also set off a host of filings from several other asset managers, including fellow asset management giant Fidelity which

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