SEC punts on ARK 21Shares spot Bitcoin ETF, opens proposal to comments

The United States Securities and Exchange Commission (SEC) has delayed a determination connected approving oregon disapproving the spot Bitcoin (BTC) exchange-traded money projected by ARK Investment Management.

In an Aug. 11 notice, the SEC opened a 21-day remark play for the ARK 21Shares Bitcoin ETF to the nationalist pursuing work successful the Federal Register, the latest hold for the regulator determining whether to o.k. oregon disapprove of a spot crypto ETF successful the United States. ARK primitively filed to database the ETF successful May, giving the SEC a maximum of 240 days — until January 2024 — to scope a last decision.

“The regulated marketplace of important size trial does not necessitate that the spot bitcoin marketplace beryllium regulated successful bid for the Commission to o.k. this proposal, and precedent makes wide that an underlying marketplace for a spot commodity oregon currency being a regulated marketplace would really beryllium an objection to the norm,” said the SEC.

ARK Investment Management is 1 of galore firms successful the U.S. applying to get a spot crypto ETF listed connected a regulated exchange. BlackRock, the largest plus absorption steadfast successful the world, notably sent successful its ain application successful July. A fig of firms besides amended existing applications to see cryptocurrency speech Coinbase arsenic a surveillance-sharing partner pursuing reports SEC officials could beryllium much unfastened to accepting an ETF nether those conditions.

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.