On August 7, Cathie Wood, the founder and CEO of ARK Investment Management, predicted that the United States Securities and Exchange Commission (SEC) would delay its decision on the firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) application. Her prediction has now come true, as the SEC has announced a delay in approving or disapproving the ARK 21Shares Bitcoin ETF. The SEC has opened a 21-day comment period for the ETF, giving the public an opportunity to provide their input. This is the latest delay in the SEC’s decision-making process regarding spot crypto ETFs in the US. ARK originally filed to list the ETF in May, and the SEC has until January 2024 to reach a final decision. The SEC stated that the spot Bitcoin market does not need to be regulated for the approval of this proposal, and it would be an exception to the norm if it were regulated. ARK Investment Management is one of several firms in the US seeking to list a spot crypto ETF on a regulated exchange. BlackRock, the world’s largest asset management firm, has also submitted its own application in July. Some firms have amended their applications to include cryptocurrency exchange Coinbase as a surveillance-sharing partner, as reports suggest that the SEC may be more open to accepting an ETF under these conditions. This is an ongoing story, and more information will be provided as it becomes available.
Summary:
– The SEC has delayed its decision on approving or disapproving ARK Investment Management’s spot Bitcoin ETF application.
– The SEC has opened a 21-day comment period for the ARK 21Shares Bitcoin ETF.
– ARK originally filed to list the ETF in May, and the SEC has until January 2024 to make a final decision.
– The SEC stated that the spot Bitcoin market does not need to be regulated for approval.
– ARK Investment Management is one of many firms seeking to list a spot crypto ETF in the US.
– BlackRock has also submitted its own application for a spot crypto ETF.
– Some firms have amended their applications to include Coinbase as a surveillance-sharing partner.
– Further information will be provided as it becomes available.