The Securities and Exchange Commission (SEC) has sent back the Bitcoin exchange-traded fund (ETF) application from BlackRock for revisions. The SEC described the application as “inadequate” but indicated it would reconsider if the necessary changes were made. There are concerns that the SEC’s actions are a delay tactic or an attempt to draw out the approval process. Additionally, market confusion may be leading investors to take on higher risk. Canada is also considering implementing regulations for the cryptocurrency industry.

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