SEC Reviewing Over a Dozen Spot Bitcoin and Ether Future ETF Applications

SEC Extends Review of Bitcoin ETF Applications

The U.S. Securities and Exchange Commission (SEC) is currently reviewing several spot bitcoin and ether future ETF applications, including the Ark 21Shares bitcoin ETF application. The SEC has extended its review of the Ark 21Shares application, as well as applications from other traditional finance heavyweights like BlackRock and Fidelity. The SEC has a total of 240 days to make a final decision on an application after the review process begins.

Key Points:
1. SEC extends review of Ark 21Shares bitcoin ETF application, delaying a decision by several weeks.
2. The SEC is seeking public input on the proposal and will allow three weeks for initial comments and an additional five weeks to respond to those comments.
3. The filing for the Ark 21Shares ETF application states that it meets the requirements of Section 6(b)(5) of the Act and addresses manipulation concerns.
4. Ark Investment Management and 21Shares have been seeking ETF approval since 2021 and filed a new application earlier this year after a previous attempt was rejected.
5. The approval of a bitcoin ETF would provide wider access to bitcoin trading and investment for the general public.

Cathie Wood, CEO of Ark Invest, expects a delay in the decision on her firm’s application but believes that the SEC will ultimately approve multiple applications simultaneously. However, Scott Farnin, legal counsel at Better Markets, argues that the bitcoin ETF applications should be outright rejected due to concerns about manipulation and inadequate consumer protections.