US SEC Delays Decision on ARK 21Shares Spot Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has announced another delay in its decision regarding the proposed ARK 21Shares spot Bitcoin ETF. The new deadline is set for January 10th of next year. This delay comes shortly after a bipartisan group of lawmakers requested the SEC to fast-track the approval of a spot Bitcoin ETF.
In their official statement, the SEC expressed the need for more time to thoroughly evaluate the proposed rule change.
Delays Extend to Other Spot Bitcoin ETFs
The SEC has not only delayed the decision on the ARK 21Shares Bitcoin ETF, but also extended the deadline for the proposed Global X Bitcoin Trust to November 21st. This indicates a potential series of delays for applications related to spot Bitcoin funds.
The initial proposal by ARK Invest and 21Shares had already faced a previous postponement when the SEC requested additional written comments.
Cathie Wood, CEO of Ark Invest, has anticipated this delay and suggested that multiple Bitcoin ETFs might be approved simultaneously.
Reviewing Applications from Prominent Players
The SEC is currently reviewing applications for spot Bitcoin funds from industry players like BlackRock, Fidelity, VanEck, and Invesco. The ARK 21Shares Bitcoin ETF has been one of the leading applications in this process.
Deadlines for decisions on other Bitcoin-related funds have also been extended. Various extensions have been granted until October 17th, including BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, VanEck’s Bitcoin Trust, WisdomTree’s Bitcoin Trust, and Invesco Galaxy’s Bitcoin ETF. The Valkyrie Bitcoin Fund’s deadline is now October 19th, and the Bitwise Bitcoin ETP Trust’s decision deadline is October 16th.
SEC Yet to Approve a Spot Bitcoin ETF
The SEC has not approved a spot Bitcoin ETF thus far due to concerns about potential fraud and market manipulation. However, they did allow the first Bitcoin futures ETF to commence trading in 2021.
Hot Take: SEC Continues to Delay Spot Bitcoin ETF Approvals
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on the proposed ARK 21Shares spot Bitcoin ETF. This delay follows a bipartisan request for fast-tracking the approval of a spot Bitcoin ETF. The SEC is also extending deadlines for other spot Bitcoin fund applications, indicating a potential series of delays. Despite reviewing applications from major industry players, including BlackRock and Fidelity, the SEC has yet to approve a spot Bitcoin ETF. Concerns about fraud and market manipulation continue to be cited as reasons for these delays. However, the SEC did allow the first Bitcoin futures ETF to begin trading in 2021.
By
By
By
By
By