Crypto News: US SEC Deadline for ARK Invest Bitcoin ETF Could Be Preponed
Questions have been raised about the timing of the upcoming U.S. Securities and Exchange Commission (SEC) deadline for the ARK Invest Bitcoin ETF. While analysts expect with high probability that the US SEC could only further delay any action on the Ark Bitcoin ETF filing, the deadline is likely to be preponed by a day, according to Bloomberg ETF analyst James Seyffart. It remains to be seen if the SEC actions before the deadline could impact Bitcoin price in a major way.
Main Breakdown:
- The US SEC is expected to delay any action on the ARK Invest Bitcoin ETF filing.
- The deadline for the ARK Invest ETF decision could be preponed by a day.
- After the ARK Invest deadline, the US SEC has first deadlines lined up in the first week of September 2023 for Bitcoin ETFs from Blackrock, VanEck, Wisdomtree, and Bitwise.
- A decision on the Ark Invest ETF could be out any time after August 11, 2023, two days before the original deadline.
- North America accounts for 98% of all crypto ETF trading volume, indicating the growing influence of US-based financial companies in the space.
According to Bloomberg analyst James Seyffart, the Ark Invest ETF decision could be out any time after August 11, 2023, two days in advance of the original deadline. This is because the scheduled deadline, August 13, falls on Sunday. Hence, Seyffart believes that a decision could be out anytime after Friday post-market close. “The next SEC deadline for Bitcoin ETFs is ARK Invest’s on 8/13. That’s a Sunday, so we should see a decision by tomorrow. My bet is after market close tomorrow. We are fully expecting a DELAY.”
Meanwhile, a report on crypto ETFs showed that North America amounts to 98% of all the crypto ETF trading volume in the world. This shows the growing influence of US-based financial companies on the crypto ETF space.
Hot Take:
The preponement of the US SEC deadline for the ARK Invest Bitcoin ETF adds uncertainty to the already volatile crypto market. While analysts anticipate a delay in the decision, the earlier-than-expected deadline could potentially lead to a surprise announcement. The dominance of North America in crypto ETF trading volume highlights the influence of US-based financial institutions on the global market. Investors should closely monitor the SEC’s actions and their potential impact on Bitcoin prices.
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