Inadequate: SEC Dismisses Bitcoin ETF Filings?

The SEC’s recent dismissal of Bitcoin ETF filings by major institutions has sent ripples through the crypto market.

SEC Chair Gary Gensler To Testify In Front Of U.S. Senate Banking Committee
  • The SEC dismisses a wave of applications for spot Bitcoin ETFs as inadequate.
  • The decision has caused significant fluctuations in the Bitcoin market.
  • The dismissal raises questions about the future of crypto trading in the US.

In a move that has sent shockwaves through the crypto market, the U.S. Securities and Exchange Commission (SEC) dismissed a wave of applications spot Bitcoin ETFs, deeming them inadequate

Despite a recent surge in interest in cryptocurrency trading, SEC comments raised questions about the future of Bitcoin and other digital currencies. 

SEC’s Action Shocks the Market

On Friday, June 30, Wall Street Journal reported that the SEC found a recent wave of applications for spot Bitcoin ETFs inadequate. This led to a significant drop in the price of Bitcoin, which briefly fell below $30,000.

A chart showing Bitcoin's price dip on June 30.
Source: CoinMarketCap


According to the Wall Street Journal, the agency found that the filings on behalf of asset managers, including Black Rock and Fidelity, were not sufficiently clear and comprehensive

The SEC’s dismissal of these filings has raised concerns about the future of Bitcoin trading and the broader cryptocurrency market.

Which Companies Applied for Spot Bitcoin ETFs

In June 2023, several major asset managers applied for spot Bitcoin ETFs, continuing their attempts to integrate cryptocurrencies into mainstream financial systems.


BlackRock, the world’s largest asset manager, filed for a Bitcoin ETF on June 15, 2023. BlackRock’s iShares Bitcoin Trust would trade on the Nasdaq and use Coinbase Custody if approved.

On June 29, 2023, Fidelity Investments refiled its application with the SEC. The Cboe BZX Exchange filed a proposal with the SEC to list and trade shares of the Wise Origin Bitcoin Trust, a spot Bitcoin ETF backed by Fidelity. The same day, Ark Investment Management, led by the well-known crypto advocate Cathie Wood, made a similar filing.

These applications represent significant steps toward accepting crypto in traditional finance. However, the SEC’s dismissal suggests the road to approval will be challenging.

On the Flipside

  • Other countries, including Canada, Switzerland, and Brazil, allow spot Bitcoin ETFs. 
  • Crypto insiders, including Coinbase CEO Brian Armstrong, say that US regulatory crackdown will hurt the country in the long run. 

Why This Matters

The SEC’s dismissal of Bitcoin ETF filings is a significant development for crypto traders. It signals a cautious approach from regulatory authorities toward integrating crypto into the financial system. 

Read more about Fidelity’s arguments for Bitcoin ETFs:

Fidelity: FTX, Voyager Collapse Are Why We Need Bitcoin ETFs

Read more about South Korea’s regulatory action in the crypto market: 

South Korea Crypto Bill Aims to Prevent Repeat of Terra-Luna

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.