SEC flags bitcoin spot ETF filings; BlackRock, Fidelity to reapply

The SEC has deemed applications for spot bitcoin exchange-traded funds recently submitted by Nasdaq and Cboe Global Markets on behalf of BlackRock and Fidelity as inadequate
Nasdaq and Cboe Global Markets will need to resubmit their applications after addressing the SEC's concerns before spot bitcoin ETFs can be approved
The SEC pointed out that the applications lacked details on how the asset managers planned to prevent fraud and manipulation in the bitcoin spot market.
Bitcoin's price briefly dropped below $30,000 following the news before recovering some losses.
The SEC's feedback is seen as a speed bump rather than a stop sign for eventual approval of spot bitcoin ETFs.