US SEC Delays Ruling on Ark Invests Bitcoin ETF Application

SEC Delays Decision on Ark Invest Bitcoin ETF Application

The US Securities and Exchange Commission (SEC) has decided to delay its ruling on Ark Invest’s spot Bitcoin exchange-traded fund (ETF) application, causing a setback for hopefuls. This delay has brought attention to upcoming decision deadlines for ETF applications from Bitwise, BlackRock, VanEck, WisdomTree, and Invesco. Observers are hopeful that a spot Bitcoin ETF could gain regulatory approval this time. The involvement of BlackRock, known for its successful ETF applications, has raised hopes. However, experts predict that a further delay is the most likely outcome following the delay for Ark Invest’s filing. The SEC has the power to delay a decision up to two times, which could result in a delay in September.

Key Points:

The SEC has delayed its ruling on Ark Invest’s spot Bitcoin ETF application.
Upcoming decision deadlines for ETF applications from Bitwise, BlackRock, VanEck, WisdomTree, and Invesco are approaching.
So far, only ETFs backed by Bitcoin futures contracts have been approved by the SEC.
The involvement of BlackRock has raised hopes for the approval of a spot Bitcoin ETF.
Experts predict a further delay is the most likely outcome for the next ETF applications.

Hot Take:

The SEC’s decision to delay the ruling on the Ark Invest Bitcoin ETF application has disappointed many hopefuls. While there is optimism surrounding the involvement of BlackRock and the potential for a spot Bitcoin ETF approval, experts predict a further delay is likely. The SEC’s power to delay a decision up to two times gives them significant control over the timeline. The crypto community will be eagerly watching the upcoming decision deadlines, hoping for a positive outcome.