ARK 21Shares Bitcoin ETF Approval Delayed By SEC To Early Next Year
Key Points:
- SEC delays decision on ARK 21Shares Bitcoin ETF and Global X Bitcoin Trust, signaling potential future delays for similar applications.
- Lawmakers pressed SEC to hasten spot Bitcoin ETF approval, but SEC cites the need for extended evaluation.
- Competitors like BlackRock may also face approval delays amidst increased crypto regulation.
The United States Securities and Exchange Commission (SEC) has extended the timeline for its decision on the spot ARK 21Shares Bitcoin ETF, invoking a maximum allowable delay.
SEC Extends Decision Timeline for ARK 21Shares Bitcoin ETF
In a notice issued on September 26, the SEC revealed its intention to designate an extended period for evaluating a proposed rule change that would permit the listing of ARK 21Shares Bitcoin ETF on the Cboe BZX Exchange. The initial delay, announced on August 11, set the deadline for a decision to November 11. Now, the SEC will take additional time to consider the proposal’s implications.
Additionally, the SEC delayed its decision on the proposed Global X Bitcoin Trust until November 21. This suggests potential delays for other spot Bitcoin fund applications in the future.
This announcement follows intense lobbying efforts from both Republican and Democratic lawmakers, including Tom Emmer and Ritchie Torres, urging SEC Chair Gary Gensler to expedite the approval of a spot Bitcoin exchange-traded fund.
Bitcoin ETF Approval Delays Raise Questions
The SEC cited the need for sufficient time to assess the proposed rule change and related issues as the reason for the extended timeline. Previously, the regulator had asked for new written comments on ARK Invest and 21Shares’ proposed fund, delaying the decision that was initially expected by August 13.
Competing firms, including BlackRock, also face delays in their ETF approval processes, with BlackRock’s deadline set for October 17. Further delays may be in store for these applicants, amid heightened scrutiny and regulatory considerations in the cryptocurrency space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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ARK 21Shares Bitcoin ETF Approval Delayed By SEC To Early Next Year
Key Points:
- SEC delays decision on ARK 21Shares Bitcoin ETF and Global X Bitcoin Trust, signaling potential future delays for similar applications.
- Lawmakers pressed SEC to hasten spot Bitcoin ETF approval, but SEC cites the need for extended evaluation.
- Competitors like BlackRock may also face approval delays amidst increased crypto regulation.
The United States Securities and Exchange Commission (SEC) has extended the timeline for its decision on the spot ARK 21Shares Bitcoin ETF, invoking a maximum allowable delay.
SEC Extends Decision Timeline for ARK 21Shares Bitcoin ETF
In a notice issued on September 26, the SEC revealed its intention to designate an extended period for evaluating a proposed rule change that would permit the listing of ARK 21Shares Bitcoin ETF on the Cboe BZX Exchange. The initial delay, announced on August 11, set the deadline for a decision to November 11. Now, the SEC will take additional time to consider the proposal’s implications.
Additionally, the SEC delayed its decision on the proposed Global X Bitcoin Trust until November 21. This suggests potential delays for other spot Bitcoin fund applications in the future.
This announcement follows intense lobbying efforts from both Republican and Democratic lawmakers, including Tom Emmer and Ritchie Torres, urging SEC Chair Gary Gensler to expedite the approval of a spot Bitcoin exchange-traded fund.
Bitcoin ETF Approval Delays Raise Questions
The SEC cited the need for sufficient time to assess the proposed rule change and related issues as the reason for the extended timeline. Previously, the regulator had asked for new written comments on ARK Invest and 21Shares’ proposed fund, delaying the decision that was initially expected by August 13.
Competing firms, including BlackRock, also face delays in their ETF approval processes, with BlackRock’s deadline set for October 17. Further delays may be in store for these applicants, amid heightened scrutiny and regulatory considerations in the cryptocurrency space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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