#BTC , which had been performing well and showing strong momentum since the morning (crossing the 31k mark), has now dropped below 30k. While some people may attribute this to market manipulation by certain influential traders known as whales, the actual reason seems to be different.
As many are aware, BlackRock had submitted an application for a BTC spot ETF (Exchange-Traded Fund). However, the Securities and Exchange Commission (SEC) has deemed the application inadequate and non-comprehensive, thus creating another obstacle in the path of Bitcoin's rally and momentum.
Now, you asked what the SEC exactly wants to do. Based on the information provided, it appears that the #SEC is seeking more comprehensive and robust information regarding the BTC spot ETF application from BlackRock. By calling the application inadequate, the SEC may be signaling that they require additional details, documentation, or clarification before considering approval.
The SEC's role is to regulate and oversee the securities industry in the United States, including ETFs. Their objective is to protect investors and maintain fair and orderly markets. In this case, it seems they want to ensure that any BTC spot ETF meets their standards and adequately addresses potential risks associated with the asset.
It's important to note that my knowledge is based on information available until September 2021, and any recent developments or updates regarding the SEC's stance on BTC spot ETFs may not be reflected in my response.
by #REXBOX
