SEC rejected all the long list Bitcoin ETFs including Blackrock saying filing for spot Bitcoin ETFs are inadequate and comprehensive

For the crypto industry, when blackrock files for Bitcoin ETF the hopes are high that the world's biggest money manager with over $9 trillion asset under its management is here to wake the market, no doubt the Bitcoin market rally and it up 20% since June 14 after when Blackrock filed an application of Bitcoin ETF.

The hope that blackrock application will get approved by SEC and it will be the first publicly traded spot Bitcoin ETF in United States which will likely going to help boost the crypto market up in main time. Honestly the announcement of ETF application effect good on the crypto market and lot of coin and token surge unexpectedly. Bitcoin Cash ups 189%, Litecoin 33%, and 12% infact the news raised all boat.
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Everyone thought blackrock is capable and from the information gathered on vote of blackrock Bitcoin ETF, 575 wins to just one rejection, means only one side is again the step of Blackrock.

Crypto and Bitcoin has faced lot bad news that caused ripple effect on the market since last year. However a time when blackrock coming as messiah to save the day as largest assets manager the SEC reject and call the filing inadequate.

Not only Blackrock that files for Bitcoin ETFs, many other big companies also follow the steps but unfortunately SEC rejected all the long list Bitcoin ETFs saying filing for spot Bitcoin ETFs are inadequate and comprehensive

I keep don't understand reason why SEC always behind drawback of our crypto journey with unnecessary reasons. The Crypto market reported fell again after the announcement and Bitcoin fell back to $29,760 before regained and hold back on $30,600

If say Blackrock fortunately succeed it would have be a win-win scenario because Blackrock as largest money manager will brings more greater good things to crypto assets and likely going to open the doors for more opportunities in crypto trading. In fact not only if Blackrock succeed , if Others like Fidelity, another fund manager with over $4.3 trillion worth of assets under control which filed for the same Bitcoin ETF late and rejected without keeping it on queue.

Not talking of Cathie Wood's Ark Invest which is part of the queue. Cathie Wood's Ark application come after Blackrock on Wednesday, the company plan to include a Wisdom Tree and Invesco, even says it will be the first to get approved but unfortunately they are all rejected .

One thing bothering me right now is that, is there a criteria SEC using to approve Bitcoin ETFs that those parties not posses? I believe that the crypto sector is closer to mainstream and likely going to to bounce back if institution like Blackrock that is managing $9 trillion assets get approved it wil have a positive change for crypto market. Or what did you think?

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Stay positive always!