The U.S. Securities and Exchange Commission (SEC) is awaiting the regulator’s decision on a spot Bitcoin (BTC) exchange-traded fund (ETF) launched by ARK 21Shares.
In a notice dated September 26, the SEC explain It will specify a longer period for deciding whether to approve or deny a proposed rule change that would allow ARK 21Shares’ spot BTC ETF to be listed on the Cboe BZX exchange. The commission’s previously postponed decision on Aug. 11 gave regulators until Nov. 11 to decide whether to approve, disapprove or postpone the decision again.
“The Commission believes it is appropriate to specify a longer period for issuing an order approving or disapproving the proposed rule change to allow the Commission sufficient time to consider the proposed rule change (…) and the issues raised therein,” U.S. the Securities and Exchange Commission said.
The delay occurred on the same day that the U.S. Securities and Exchange Commission (SEC) deferred Fund management company GlobalX’s decision on the issuance of a Bitcoin ETF. It’s unclear why the committee chose to specify a longer period to determine the fate of spot Bitcoin ETF applications just weeks before the next deadline in October and November — regulators typically wait until days before the deadline. Late application.
Since there are still 60 days to consider the issuance of ARK 21Shares, the SEC’s final deadline for ARK 21Shares will be January 10, 240 days after the initial filing. The next closing date for the GlobalX ETF is November 21.
Update: Wow.The SEC came out very early and delayed @arkinvest / @21 shares #bitcoin ETF filings. The matter will not be decided until November 11.
Still postponed @GlobalXETFs The application deadline is October 7. pic.twitter.com/7DiBq1h4Ef
— James Seyff (@JSeyff) September 26, 2023
Ahead of the filing, a group of four U.S. representatives sent a letter to SEC Chairman Gary Gensler demanding “immediate” approval of a spot Bitcoin ETF. Lawmakers claim that the SEC is applying “inconsistent and discriminatory standards” when approving ETFs tied to cryptocurrency futures rather than physical investment vehicles.
related: ARK Invest and 21Shares File for Spot Ethereum ETF After SEC Delay
To date, the SEC has not approved any spot BTC ETF to be listed on a US exchange. Many industry experts have speculated that the SEC will reconsider the pending ETF application following its court loss to Grayscale in August.
As of the time of publication, the next deadline to apply for spot crypto ETFs from seven major firms (BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity) is set for October. The SEC could push back or extend these deadlines into March.
Magazine: SEC delays BTC ETF decision, Grayscale beats SEC, BitBoy fired: Hodler’s Digest, August 27-September 2
Svlook
