The United States Securities and Exchange Commission (SEC) has announced that it will delay its decision on approving the Ark 21 Shares spot Bitcoin exchange-traded fund (ETF) until January 10, 2024. The application for the ETF, which was made by Ark Invest and 21 Shares, has been under consideration for over two years. The SEC utilized its 180-day extension window but has now decided to take an additional 60-day extension, pushing the decision into the new year. If approved, this rule change would allow for the listing of Bitcoin ETF products on the stock exchange.
SEC Under Pressure for Bitcoin ETF Decision
There is growing pressure on the SEC to make a decision regarding Bitcoin ETFs. Congressman Tom Emmer and Congressman Ritchie Torres have written a letter urging SEC chair Gary Gensler to approve a Bitcoin ETF and ensure that investor protection standards are met. Meanwhile, reports have highlighted the SEC’s continuous delays in deciding on other ETF applicants, including BlackRock and VanEck. The SEC has repeatedly requested extra time to review these applications.
Hot Take: Bitcoin Price Remains Steady Despite Delay
Despite the SEC’s decision to delay the approval of the Ark21Shares Bitcoin ETF, Bitcoin’s price has only dropped approximately 1% in the past 24 hours. It currently stands at $26,182. This suggests that investors may be taking a wait-and-see approach rather than reacting strongly to the news of the delay. As we await further developments, it remains to be seen how this decision will impact the cryptocurrency market in the long run.
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