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Fidelity, VanEck, Invesco Race to File Bitcoin Spot ETFs After SEC Warning

• Several financial giants, including Fidelity 21Shares and WisdomTree, have amended their SEC filings regarding Bitcoin Spot ETFs after the US securities regulator warned that all recent filings were “inadequate”.
• The amendments involve Coinbase, as the largest US exchange has been named in every filing.
• The companies involved are Fidelity Investments, Invesco, 21Shares, WisdomTree and VanEck.

SEC Warns Recent Bitcoin Spot ETF Filings “Inadequate”

Two weeks ago BlackRock filed with the SEC for a Bitcoin Spot exchange-traded fund (ETF). This was followed by other notable players such as Fidelity and ARK Invest who also filed for similar products. However, according to people familiar with the matter, The Wall Street Journal reported that the US Securities and Exchange Commission (SEC) believes these filings were not “sufficiently clear and comprehensive”.

Companies Make Changes to Filings Following Warning

Following this warning from the SEC several of these companies have taken immediate action to amend their filings with Coinbase now playing a key role in each application. These companies include Fidelity Investments, Invesco, 21Shares, WisdomTree and VanEck.

Coinbase Role in Amended Filings

Coinbase is now included in nearly all Bitcoin Spot ETF filings. This comes hours after the SEC pointed out that some of these applications lacked clarity or comprehensiveness which has seen them now make changes to their respective filings involving Coinbase as one of its foremost roles in each one.

Impact on BTC Price

The news from the SEC has had a negative impact on BTC’s price due to uncertainty around these products being approved or not by regulators yet still remain pending review from said authorities. This news has impacted many of those hoping to invest as well as those already invested in bitcoin related products waiting for approval before they can be traded on public markets such as NASDAQ or NYSE Arca exchanges.

Conclusion

It remains unclear when we will see a Bitcoin ETF approved but it is likely that any application must meet certain criteria set out by regulators before it can become available for public trading on major stock exchanges like NYSE Arca or NASDAQ . Thus far companies have made alterations to their filings involving Coinbase but only time will tell if this is enough for approval from authorities like The Securities and Exchange Commission (SEC).