SEC deems spot Bitcoin ETFs filings as inadequate

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SEC deems spot Bitcoin ETFs filings as inadequate; Cameron Winklevoss criticizes the SEC; Vitalik Buterin announced that he has staked only a small portion of his ETH.

Bad news for spot Bitcoin ETF filings from the US Securities and Exchange Commission (SEC). The SEC has announced that it has found the ETF applications of crypto companies unsatisfactory.

According to a report by the Wall Street Journal, the securities regulator said its filings with the Nasdaq and Chicago Board Options Exchange (CBOE) were not clear and comprehensive enough.

According to the statements made, the SEC believes that applicant companies should name the spot Bitcoin ETF with which they will have a custody-sharing agreement and provide sufficient information about the details of these oversight arrangements.

According to the statements made, the SEC believes that applicant companies should name the spot Bitcoin ETF with which they will have a custody-sharing agreement and provide sufficient information about the details of these oversight arrangements. However, it was also stated that it is possible for asset management companies to resubmit their applications after clarifying this information.

Bad news from SEC to ETF filings

BlackRock filed for a spot Bitcoin ETF on June 15. Encouraged by the application of the world’s largest asset management company, companies such as WisdomTree, Invesco and Fidelity have also filed a series of ETF applications in recent weeks.

However, sad news came from the SEC, which is leading the US anti-crypto sanctions. After the SEC’s statements regarding the insufficient ETF applications, Bitcoin (BTC), which has been turning up for a while, lost value within minutes.

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Cameron Winklevoss criticizes the SEC

Cameron Winklevoss, co-founder of Gemini exchange, made important statements about the US Securities and Exchange Commission (SEC). Winklevoss claimed that the securities regulator has directed investors towards harmful and unregulated crypto products for the past decade.

On July 2, Winklevoss criticized the securities regulator’s continued rejection of spot Bitcoin ETFs. Cameron Winklevoss said it’s been 10 years since the twins first filed to get their ETF approved by the SEC.

The SEC’s ten-year refusal to approve these products is a disaster for US investors. This demonstrates the failure of the regulatory agency.

Cameron Winklevoss criticizes SEC

Winklevoss argued that without an approved spot Bitcoin ETF, U.S. investors are diverted to malicious products such as the Grayscale Bitcoin Trust (GBTC).

The Gemini co-founder also argues that the SEC’s rejection of ETF applications has led investors to turn to unlicensed and unregulated foreign platforms, including FTX, which is considered one of the biggest financial scams in modern history.

Vitalik Buterin announced that he has staked only a small portion of his ETH

Ethereum co-founder Vitalik Buterin stated that he did not stake all of his Ethereum (ETH) because multi-signature (multisig) wallets are complex in many ways.

Panelists on the June 29 episode of Bankless Podcast. Source: Bankless Podcast

On the June 29 episode of the Bankless Podcast titled Restaking Alignment, Buterin explained the “biggest reason” that he only staked a small portion of his Ethereum instead of staking all of it. Buterin explained:

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Because if you stake your ETH, the keys accessing it must be publicly available in a subsystem that is online. For security this needs to be a Multisig, setting up Multisig for staking is still quite difficult, it gets complicated in many ways.

Reactions to Vitalik Buterin

Charles Hoskinson, co-founder of Ethereum and founder of Cardano (ADA), said on Twitter on June 30 that he “didn’t know what to say” after hearing that Buterin had staked only a small portion of his Ether.

Hoskinson added that “all” of his Cardano is staked.

SEC deems spot Bitcoin ETFs filings as inadequate; Cameron Winklevoss criticizes the SEC; Vitalik Buterin announced that he has staked only a small portion of his ETH.

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