The Securities and Exchange Commission (SEC) has rejected recent applications for spot bitcoin exchange-traded funds (ETFs) filed by asset managers due to concerns of fraud and market manipulation. BlackRock’s bid for a spot Bitcoin ETF was seen as the most promising, but it was also rejected by the SEC. The SEC requested more information about surveillance-sharing agreements and the specifics of these arrangements. Asset managers have the option to revise their applications and resubmit them. This decision has left the crypto market uncertain.

AI Sentiment: Neutral