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(Bloomberg) -- The US Securities and Exchange Commission is pushing back against a wave of filings by asset managers to launch the first US exchange-traded fund that invests directly in Bitcoin, saying the applications lack clarity and further information is needed before they’re considered for approval. Most Read from BloombergTrump ‘Standing Order’ to Declassify Not Found by DOJ, Intelligence AgencyChina Has $3 Trillion of ‘Hidden’ Currency Reserves, Setser SaysA $100 Billion Wealth Migration

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Some experts say all financial roads in the U.S., no matter how nascent, eventually lead to Wall Street.

The US Securities and Exchange Commission (SEC) has approved the first leveraged Bitcoin futures exchange-traded fund (ETF), Volatility Shares 2X Bitcoin Strategy ETF (BITX).

Bitcoin exchange-traded funds have sprung up around the world—but the U.S. SEC continues to stonewall proposals for a Bitcoin spot ETF.