SEC Delays ARK Invest 21Shares Bitcoin ETF Filing
The U.S. Securities and Exchange Commission (SEC) has decided to delay the filing of the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF), which could potentially postpone the approval of a spot ETF in 2023.
Reason for the Delay
The SEC has requested additional time to review the proposed rule change for the ARK Invest 21Shares filing. This decision was made ahead of SEC Chair Gary Gensler’s hearing before the Financial Services Committee on September 27, 2023.
The SEC’s message regarding the filing stated, “Notice of Designation of a Longer Period for Commission Action on Proceedings to determine whether to approve or disapprove a proposed rule change…”
Possibility of Approval in 2024
Due to this delay, Bloomberg ETF analyst James Seyffart believes that the chances of ETF approval in 2023 have been diminished. Decisions on filings from other companies such as BlackRock, Bitwise, and Wisdomtree are expected in mid-October 2023.
Seyffart speculates, “If they went on Ark/21 shares already, we may see delays on all the other filings today too? BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Fidelity and Valkyrie are all due in mid October.”
Franklin Templeton Joins the Race
On September 12, 2023, Franklin Templeton became another major financial firm seeking approval for a spot BTC ETF. However, CoinGape reports that they have yet to file the necessary paperwork (19b-4) for the approval process.
Hot Take: ETF Approval in Limbo
The SEC’s decision to delay the ARK Invest 21Shares Bitcoin ETF filing has cast doubt on the possibility of ETF approval in 2023. With other major companies awaiting decisions on their filings, the future of Bitcoin ETFs remains uncertain. Investors and crypto enthusiasts will have to wait longer for potential regulatory approval.
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