The wait for a U.S. spot bitcoin exchange-traded fund (ETF) may be longer as the U.S. Securities and Exchange Commission (SEC) considers the investment manager’s recent filing to be insufficient.

according to The securities regulator told The Wall Street Journal that the Nasdaq and Cboe filings were “not clear and comprehensive enough.” These exchanges conduct financial product filings on behalf of asset management companies.

In the SEC’s view, exchanges should designate the bitcoin spot exchanges with which they have entered into a “surveillance sharing agreement” or provide sufficient information on the details of those surveillance arrangements. However, the asset manager can resubmit the filing after clarifying the information.

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Applications have been flooded in the past few weeks since BlackRock joined the list of firms seeking to launch Wall Street’s first spot bitcoin ETF. BlackRock’s app introduces a “monitoring sharing protocol” under which information about market trading and clearing activity is shared between entities to avoid the possibility of market manipulation.

BlackRock’s application prompted ARK Invest and 21Shares to amend their third spot BTC ETF application to incorporate a similar oversight protocol. Other asset managers that have resubmitted or amended applications in the past few days include Invesco, WisdomTree, Valkyrie and Fidelity. However, ARK Invest is reportedly the frontrunner in this race.

ETFs track a specific index and are usually traded on an exchange. In the cryptocurrency market, a fund composed of multiple cryptocurrencies that tracks the price of one or more digital tokens is called a cryptocurrency ETF.

Spot Bitcoin ETFs have been rejected by the SEC since 2017. In Canada, however, the financial product is already available. Three important funds — Purpose Bitcoin, 3iQ Coinshares, and CI Galaxy Bitcoin — all invest directly in spot Bitcoin.

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