The US SEC’s Decision on ARK’s Bitcoin ETF Application
The US Securities and Exchange Commission (SEC) is approaching a crucial moment in its evaluation of ARK’s application for a Bitcoin Exchange Traded Fund (ETF). The SEC has until August 13 to make a definitive ruling, and the financial world is eagerly awaiting the outcome.
Main Breakdowns:
- There may be a potential delay until 2024 for the SEC’s response to ARK Invest’s ETF proposal.
- ARK Invest CEO Cathie Wood believes there is a high probability of the SEC extending the waiting period.
- A number of other organizations, including Bitwise, BlackRock, and Fidelity Wise Origin, have also submitted applications for a Bitcoin ETF.
- The inclusion of a “surveillance sharing” pact with exchanges aims to address previous SEC concerns about market manipulation risks.
- The SEC’s decision will likely be influenced by the outcome of the ongoing Grayscale Bitcoin Trust lawsuit.
Hot Take: While there is growing optimism in the crypto community, doubts remain about the SEC’s approval of a Bitcoin ETF. However, recent developments such as the approval of a leveraged Bitcoin ETF and the increase in Ethereum futures ETF applications suggest a changing regulatory environment. Bloomberg Intelligence gives a 65% chance of approval, taking into account the Grayscale lawsuit and potential political influences.
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