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The US Securities and Exchange Commission (SEC) made a critical statement about the current spot Bitcoin ETF applications last week, causing a brief panic in the market.
After the US SEC reported that the spot Bitcoin ETF applications were insufficient and needed to be updated, asset management companies started to take action quickly. Meanwhile, the eyes of the market turned to BlackRock, which brought up the ETF application again.
Taking action after the SEC's notification, the world's largest asset management company Blackrock submitted its ETF application back to the SEC after completing the necessary updates. The updated filing includes some partnerships with more detailed disclosures to address regulatory concerns detailed by the SEC.