The U.S. Securities and Exchange Commission (SEC) has as soon as once more introduced a delay in its resolution relating to the proposed ARK 21Shares spot Bitcoin ETF, pushing the deadline into the following yr with a brand new date set for January tenth.
This announcement of delay got here simply hours after a request by a bipartisan group of lawmakers, who had urged SEC Chair Gary Gensler to fasttrack the approval of a spot Bitcoin exchange-traded fund (ETF).
In its official assertion, US SEC expressed the necessity for a extra prolonged timeline to totally consider the proposed rule change.
US SEC Continues to Delay Decisions on Spot Bitcoin ETFs
The postponement is just not restricted to the ARK 21Shares Bitcoin ETF alone.
The SEC has additionally prolonged the choice deadline for the proposed Global X Bitcoin Trust to November twenty first, indicating a possible sequence of delays for purposes associated to identify Bitcoin funds.
This delay follows a earlier postponement when, in response to the preliminary proposal by ARK Invest and 21Shares, the SEC requested extra written feedback.
Initially, the SEC had set a deadline of August thirteenth to both approve, disapprove, or provoke proceedings to find out the destiny of the applying.
Cathie Wood, CEO of Ark Invest, had anticipated the primary delay, suggesting that the SEC may approve a number of Bitcoin ETFs concurrently when it decides to greenlight this monetary product.
Various Spot Bitcoin ETF Applications Under Review
Currently, the SEC is reviewing purposes for numerous spot Bitcoin funds from outstanding trade gamers akin to BlackRock, Fidelity, VanEck, and Invesco.
The ARK 21Shares Bitcoin ETF had been on the forefront of those purposes.
Furthermore, the deadlines for choices on different Bitcoin-related funds have additionally been prolonged.
The likes of BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Trust, and the Invesco Galaxy Bitcoin ETF have all been granted extensions till October seventeenth.
Meanwhile, the deadline for the Valkyrie Bitcoin Fund has been moved to October nineteenth, and the Bitwise Bitcoin ETP Trust’s resolution deadline was final delayed till October sixteenth.
So far the US SEC has not but accredited a spot Bitcoin ETF, citing considerations associated to potential fraud and market manipulation. Nonetheless, the SEC did enable the primary Bitcoin futures ETF to begin buying and selling in 2021.
