SEC Delays Decision on Ark Invest’s Bitcoin ETF Proposal
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Ark Invest’s proposal for a Bitcoin ETF, extending the struggle for cryptocurrency assets to gain acceptance on mainstream U.S. financial platforms. The SEC plans to solicit public opinion on an amendment in the Ark 21Shares Bitcoin ETF application, potentially pushing the decision to 2024.
Key Points:
– The SEC’s delay adds to a series of previous delays and discussions on crypto-related financial instruments.
– Other financial giants, including BlackRock and WisdomTree, have also filed for Bitcoin ETFs.
– Grayscale’s application to transform the Grayscale Bitcoin Trust into an ETF has been rejected multiple times by the SEC.
– The SEC has recently approved several Bitcoin futures ETFs, despite hesitancy towards spot Bitcoin ETFs.
Crypto Market Outlook: Fantom, Shibie, Rocket Pool, Chimpanzee, and Sui
Given the delays and regulatory uncertainty surrounding Ark Invest’s Bitcoin ETF application, cryptocurrencies like Fantom, Shibie, Rocket Pool, Chimpanzee, and Sui are considered favorable options to buy due to their strong fundamentals and technical analysis.
Key Points:
– Fantom (FTM) is showing signs of bullishness, with a breakout above the Fib 0.786 level and potential resistance at the 20-day EMA.
– Shibie Coin, a fusion of Shiba Inu and Barbie, is nearing the end of its presale with the goal of listing on both decentralized and centralized exchanges.
– Rocket Pool (RPL) experienced a price correction despite a strategic investment from Coinbase Ventures.
– The cryptocurrency market remains volatile, with Bitcoin’s price slightly decreasing and the total market cap registering a marginal decrease.
Hot Take: Regulatory Hurdles Persist for Bitcoin ETFs
The SEC’s decision to delay Ark Invest’s Bitcoin ETF proposal is a setback for the cryptocurrency industry’s efforts to gain mainstream acceptance. While some financial giants have expressed interest in Bitcoin ETFs, regulatory hurdles and delays continue to hinder their progress. However, the approval of Bitcoin futures ETFs suggests a potential shift in the SEC’s stance. As the market remains volatile, investors should carefully consider cryptocurrencies with strong fundamentals and technical analysis, such as Fantom, Shibie, Rocket Pool, Chimpanzee, and Sui. The industry’s future success will depend on navigating regulatory challenges and building trust among traditional financial platforms.
By
By
By
By
By