The United States Securities and Exchange Commission (SEC) has delayed its decision regarding the approval or disapproval of a spot Bitcoin exchange-traded fund (ETF) filed by ARK Invest.
Ark Invest's Spot Bitcoin ETF Review Delayed
The United States Securities and Exchange Commission (SEC) has delayed its decision regarding the approval or disapproval of a spot Bitcoin exchange-traded fund (ETF) filed by ARK Invest.
The delay occurs as the SEC started a 21-day public comment process for the ARK 21Shares Bitcoin ETF. The regulator is currently debating whether to approve a spot Bitcoin ETF in the US.
ARK Investment Management submitted its ETF application in May, with the deadline for the SEC's final verdict being January 2024. The Cboe BZX Exchange requires proof of a surveillance-sharing arrangement with a regulated market with a sizable market size in order to launch an ETF.
The SEC previously rejected ARK's proposals for a Bitcoin ETF, citing doubts about their capacity to prevent fraud and protect investors.
The SEC made it clear that the requirement for a regulated market of significant size does not imply that the spot Bitcoin market itself must be regulated.
Cathie Wood, CEO of ARK Investment Management, anticipated a delay but suggested that the SEC may eventually approve numerous spot BTC ETFs concurrently.
