SEC Stalling?
– The US Securities and Exchange Commission (SEC) has delayed the ARK 21Shares Bitcoin ETF.
– The SEC’s order calls for public input on the application, extending the deadline for approval or disapproval.
– The SEC can choose to extend the deadline by 240 days, potentially delaying a final response until Jan 10, 2024.
– ARK Invest’s CEO Cathie Wood predicted this delay and also speculated on the possibility of multiple Bitcoin ETF approvals.
Concerns Over Bitcoin Manipulation & Regulation
– The SEC’s use of the word “manipulation” in its release raises concerns for the crypto community.
– Previous spot Bitcoin ETF applications were rejected due to potential market manipulation.
– The SEC may require applicants to prove that Bitcoin is not a manipulated asset class.
– Bitcoin’s decentralized nature and external activities make it difficult to regulate and prevent manipulation.
– The SEC is also concerned about the lack of a regulated market or significant size for Bitcoin, hindering ETF approval.
Hot Take
The SEC’s delay of the ARK 21Shares Bitcoin ETF and their focus on manipulation raise doubts about the approval of a spot Bitcoin ETF. The decentralized nature of Bitcoin and its susceptibility to external activities make regulation challenging. While ARK Invest’s CEO Cathie Wood predicted this delay, the future of Bitcoin ETF approvals remains uncertain.
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