The U.S. SEC has, once again, delayed its decision on the proposed ARK 21Shares Bitcoin Exchange-Traded Fund (ETF). The new deadline is set for January 10th of the subsequent year.
The announcement of the delay followed a request from a bipartisan group of lawmakers. They urged SEC Chair Gary Gensler to speed up the approval process for a Bitcoin exchange-traded fund (ETF).
Additionally, in their official statement, the US SEC articulated the imperative requirement for an augmented time frame. This extension is needed to meticulously assess the proposed alteration in regulations.
Furthermore, US SEC Persists in Postponing Determinations for Immediate Bitcoin ETFs The delay is by no means confined to the ARK 21Shares Bitcoin ETF exclusively.
SEC Extends Decision Timeline for Global X Bitcoin Trust Amidst Ongoing ETF Reviews
The SEC has also extended the decision timeframe for the proposed Global X Bitcoin Trust. This move signifies a plausible sequence of deferments for submissions connected to immediate Bitcoin financial instruments. The new deadline is set for November 21st.
This delay follows a previous postponement triggered by ARK Invest and 21Shares’ initial proposal. In response, the SEC requested additional written feedback. Initially, the SEC had set a deadline of August 13th to either approve, reject, or take further actions to determine the fate of the petition.
Cathie Wood, Chief Executive Officer of Ark Invest, had presaged the initial postponement, intimating that the SEC might greenlight numerous Bitcoin ETFs concurrently when granting approval for this fiscal commodity.
Assorted Immediate Bitcoin ETF Requests Under Scrutiny Presently, the SEC is scrutinizing applications for diversified immediate Bitcoin assets from prominent entities within the industry such as BlackRock, Fidelity, VanEck, and Invesco.
The ARK 21Shares Bitcoin ETF had been at the vanguard of these petitions. Furthermore, the timeframes for determinations pertaining to other Bitcoin-associated funds have also undergone extensions.
SEC Extends Deadlines for ARK 21Shares and Other Bitcoin Trusts
The likes of BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Trust, and the Invesco Galaxy Bitcoin ETF have all been conferred extensions until October 17th.
Meanwhile, the deadline for the Valkyrie Bitcoin Fund has been moved to October 19th, and the Bitwise Bitcoin ETP Trust’s announcement date was recently pushed to October 16th. Up to this point, the US SEC has not granted approval for an immediate Bitcoin ETF. This is due to concerns regarding potential deception and market manipulation.
Nevertheless, the SEC did grant permission for the initiation of trading for the inaugural Bitcoin futures ETF in 2021.
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