The Securities and Exchange Commission (SEC) has come up with a decision to postpone the matter related to the ARK 21Shares Bitcoin ETF. This will now be done in 2024, with the deadline being January 10.
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As per the Commission’s understanding, further time should be allotted in order to be able to properly evaluate the factors related to the rule alteration that has been proposed and then make a more informed ruling.
The postponement took place a short while after some lawmakers belonging to the Republican and Democratic parties insisted that the SEC Chair, Gary Gensler, accept the listing of a spot bitcoin exchange-traded fund with immediate effect. The SEC also postponed considering the suggested Global X Bitcoin Trust until November 21, 2023.
The SEC also took the decision to postpone the suggested fund from ARK Invest, along with 21Shares. In the beginning, the regulator had plans to take up the matter and pass its ruling by August 13, 2023.
According to the CEO of Ark, Cathie Wood, she was mentally prepared for the initial postponement. Her idea is that the regulator will first look into the matter of a bitcoin ETF and then pass its order on to others as well.
The SEC is presently involved in studying the applications for an array of suggested spot Bitcoin funds coming from prime businesses like BlackRock, Fidelity, VanEck, and Invesco. Their first priority should have been the ARK 21Shares Bitcoin ETF, which was ahead of the others.
A short while ago, the deadline for the rulings on BlackRock, the WisdomTree Bitcoin Trust, and the Invesco Galaxy Bitcoin ETF was postponed to October 17, 2023. In the case of the Valkyrie Bitcoin Fund, the time limit has been set for October 19, 2023. For Bitwise Bitcoin ETP Trust, the postponement is until October 16, 2023.
On its part, the regulator has yet to give its consent to a spot Bitcoin ETF for reasons of apparent fraudulent activities. The initial bitcoin futures ETF was not given trading permission in 2021 by the SEC.
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