The SEC has delayed its decision on Ark Invest’s spot Bitcoin ETF application.
The SEC was expected to announce its Ark Invest spot Bitcoin ETF decision today. However, the SEC delayed the decision while not confirming or refusing.
SEC delays decision as it is expected to announce first spot Bitcoin ETF decision
The SEC has evaluated the ARK 21Shares spot Bitcoin ETF application submitted by ARK Investment Management and opened it to public comments on this proposal. Cathie Wood, founder and CEO of ARK Investment Management, said on August 7 that she predicts the SEC will delay its decision on the spot BTC ETF application. The SEC has postponed its decision to approve or not approve the spot Bitcoin ETF until a later date.
In an August 11 announcement, the SEC announced in the Federal Register that it has started a 21-day comment period for the ARK 21Shares Bitcoin ETF. This period is a recognized period for the public to voice their opinion on the ETF. ARK Investment Management first filed its application in May, giving the SEC up to 240 days to make a final decision. This decision is expected to be taken by January 2024.
The ARK 21Shares Bitcoin ETF, applied by ARK Investment Management, aims to be listed on the Cboe BZX Exchange. For this, the applicant must prove “a comprehensive surveillance-sharing agreement in place with a significant regulated market”. However, the SEC had previously rejected ARK’s crypto ETF proposals on the grounds that it found them insufficient to protect investors.
