SEC Delays Judgment on Two Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has announced that it will be extending the evaluation period for two spot bitcoin exchange-traded funds (ETFs). One of the ETFs is the Ark 21shares Bitcoin ETF, which was filed jointly by Cboe BZX Exchange, 21shares, and Ark Invest on April 25, 2023. The SEC had previously delayed its decision on this ETF along with seven other similar filings on August 31, 2023.
The SEC stated that it needs more time to conduct a thorough review of the proposal and its amendments. This decision comes amidst concerns about a potential government shutdown, prompting speculation about the SEC’s intentions.
SEC Also Postpones Decision on Global X Spot Bitcoin ETF
In addition to the Ark 21shares Bitcoin ETF, the SEC has also delayed its judgment on the spot bitcoin ETF filing submitted by Global X and Cboe BZX. The SEC’s statement did not provide specific reasons for the delay but emphasized the need for a comprehensive review of the proposed rule changes.
This delay affects a number of industry giants, including Invesco, Blackrock, Fidelity, Vaneck, Valkyrie, Wisdomtree, and Franklin Templeton, who have all filed for spot bitcoin ETFs.
Hot Take: Potential Reasons Behind the Delay
It is unclear why the SEC has chosen to extend the evaluation period for these spot bitcoin ETFs. Speculation suggests that concerns over a possible government shutdown may have influenced this decision. By extending the evaluation period now, the SEC may be aiming to preempt any disruptions caused by such an event. However, without official confirmation from the SEC, these reasons remain speculative.
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