The decision comes amidst the SEC's series of rejections earlier this year.
The United States Securities and Exchange Commission (SEC) has recently announced that it would be postponing its decision to approve or reject ARK 21Shares’ Bitcoin (BTC) exchange-traded fund (ETF).
According to the official filing issued on July 12th, the SEC noted that the initial deadline would be moved from July 16th to August 30th. This means that the US agency gave itself another 45 days to decide whether ARK 21Share’s proposal should be approved or disapproved.
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The news comes after Cathies Wood’s Ark Invest and Switzerland-based ETF issuer 21Shares joined forces and filed for a spot BTC ETF, listed on Cboe BZX Exchange, last year. In April, the SEC rejected its application.
If needed, the SEC might delay its decision for another 90 days, the official report read. The SEC noted:
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised.”
In fact, the US SEC has yet to list a single BTC ETF. Earlier this year, the agency killed off One River Management’s proposed BTC ETF, as it supposedly failed to ensure investors' protection. Likewise, Grayscale’s offering was also recently shut down. Nonetheless, the investment manager wasn’t happy with the decision and sued the regulatory body.
Interestingly enough, it seems as though the government watchdog has a completely different opinion about BTC-related futures ETFs, as it recently gave a go-ahead to ProShare’s Short Bitcoin Strategy ETF.
