BTC
by BSCN
September 27, 2023
This marks another delay for the ETF, which had faced scrutiny and had its deadline extended previously.
Summary
The U.S. Securities and Exchange Commission (SEC) will delay a decision on the proposed ARK 21Shares Bitcoin ETF, pushing the new deadline to January 10, 2024. The SEC expressed the need for extra time to thoroughly evaluate the implications of this groundbreaking ETF, stating that "it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change."
Notably, this isn't the first setback for the ARK 21Shares Bitcoin ETF. Last month, the SEC delayed the fund by soliciting additional written comments. Initially slated for an August 13 decision, it appears that this unique ETF has faced ongoing scrutiny.
The latest decision comes in the wake of bipartisan pressure from lawmakers urging SEC Chair Gary Gensler to expedite the approval of a spot bitcoin exchange-traded fund. Moreover, the SEC also deferred its verdict on the Global X Bitcoin Trust until November 21, potentially indicating a trend of delays for similar applications.
Commenting on these developments, Ark CEO Cathie Wood had previously anticipated the initial delay, suggesting, "I think the SEC, if it's going to approve a bitcoin ETF, will approve more than one at once."
While the regulator reviews multiple spot bitcoin fund applications from industry giants like BlackRock, Fidelity, VanEck, and Invesco, the ARK 21Shares Bitcoin ETF remains at the forefront of the race, with decision deadlines for other proposals also extended.
Despite the delays, the SEC remains cautious, citing concerns about potential fraud and market manipulation, emphasizing the need for rigorous evaluation before greenlighting a spot bitcoin ETF. Meanwhile, the crypto community continues to await a historic decision that could potentially transform the landscape of crypto investments.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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