SEC Delays Decision on Ark Invest’s Bitcoin ETF
The Securities and Exchange Commission (SEC) has officially postponed its decision on Cathie Wood’s Ark Invest’s proposed Bitcoin ETF. This delay comes as a disappointment to the blockchain industry and investors who were eagerly awaiting the SEC’s decision.
What Does This Mean for the Crypto Field?
The SEC’s delay in approving Ark Invest’s Bitcoin ETF could have an impact on cryptocurrency markets and investor expectations. Many are now questioning when the final decision will be made by the SEC and what the overall effect of this delay will be.
Lawmakers Call for SEC to Reconsider Bitcoin ETFs
A group of lawmakers has sent a letter to SEC Chairman Gary Gensler, urging the agency to reconsider its stance on approving Bitcoin exchange-traded funds (ETFs). They argue that spot bitcoin ETFs are no different from futures-based ETFs that have already been approved by the SEC. The lawmakers request that ETFs from companies like Fidelity, BlackRock’s iShares, and Grayscale Investments be granted approval.
The representatives point out inconsistencies and discrimination in the SEC’s approval criteria, citing a recent Court of Appeals decision that ordered the agency to reconsider its position on these claims.
BitGo CEO Discusses Political Factors
In a recent interview, BitGo CEO Mike Belshe suggests that politics plays a significant role in the lack of a Bitcoin-based ETF approval by the SEC. He mentions Senator Elizabeth Warren’s support for stricter cryptocurrency regulations during the Biden administration as an example of political influence affecting the SEC’s actions.
Belshe emphasizes the need for predictable and understandable rules to maintain US economic competitiveness and calls for clear and accessible regulation that unites both Democrats and Republicans.
Hot Take: SEC Delays Bitcoin ETF Approval, Leaving Industry in Limbo
The SEC’s decision to postpone its ruling on Ark Invest’s Bitcoin ETF has left the blockchain industry and investors in a state of uncertainty. This delay could have repercussions on cryptocurrency markets and investor sentiments. Lawmakers are urging the SEC to reconsider its stance on Bitcoin ETFs, pointing out inconsistencies and discrimination in the agency’s approval criteria. BitGo CEO Mike Belshe believes that political factors play a significant role in the lack of approval for a Bitcoin-based ETF, emphasizing the need for clear and accessible regulation. As the industry awaits a final decision from the SEC, the future of Bitcoin ETFs remains uncertain.
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