:The U.S. Securities and Exchange Commission has said recent applications by asset managers to launch spot bitcoin exchange-traded funds were not sufficiently clear and comprehensive, a source familiar with the matter said.
Bitcoin, which has jumped since BlackRock filed its application on June 15, fell after the Wall Street Journal first reported the SEC rejection on Friday. The world's largest cryptocurrency was last down 1 per cent at $30.142. The ETF filings by such major firms had sparked renewed investor hopes that a bitcoin ETF would finally be approved by the SEC, and revived interest in cyptocurrencies, which have been hit by a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.
In all the cases, it said the filings did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors and the public interest.
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