Bitcoin BTC dropped Friday following a report that the Securities and Exchange Commission said filings for a spot Bitcoin exchange-traded fund from BlackRock, Fidelity, and others—which have recently buoyed crypto prices—were inadequate.
PBN Research
SEC Rejects ETF
The U.S. Securities and Exchange Commission told the Nasdaq and Cboe exchanges that recent filings from BlackRock, Fidelity and others for spot bitcoin ETF funds weren't "clear and comprehensive," the Wall Street Journal reported, citing people familiar.
The WSJ said the SEC said it returned filings because they didn’t provide enough information about surveillance-sharing arrangements. Asset managers can update language and refile, the WSJ reported.
Blockchain Association Backs Coinbase
https://bitcoinist.com/blockchain-association-backs-coinbase/
The Blockchain Association has released a comprehensive document backing Coinbase option on the legal rationale behind its argument calling for the recusal of Securities and Exchange Commission Chair Gary Gensler from any decision-making processes. This is regarding the initiation or continuation of an enforcement action based on the assertion that a digital asset qualifies as a security.
$3B in Trading Volume from Institutional Trades
https://www.newsbtc.com/crypto/okx-liquid-marketplace-records-3-billion-in-trade-volume/
In a press release on Friday, OKX announced that its Liquid Marketplace has now exceeded $3 billion. “This milestone is a testament to the Liquid Marketplace’s success in providing institutional traders with deep liquidity and reliable execution,” the press statement read.
Furthermore, the Liquid Marketplace has been advancing in innovation and product development lately. A few days ago, OKX disclosed the launch of the “Nitro Spreads” feature on the institutional trading platform.
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