The IS The US Securities and Exchange Commission has extended the deadline for approving or disapproving funds traded on the exchange until 30 August (exchange fundor ETF) Bitcoin from ARK 21Shares.
According to the SEC filing on Tuesday, the regulator has extended the deadline for approval or disapproval of Bitcoin (BTC) ARK spot ETF from July 16 an additional 45 days, to August 30. The request, originally filed with the SEC in May and published for comment in the Federal Register on June 1, included a proposed change to the Chicago Board Options Exchange’s BZX exchange rules.
Ark Invest has partnered with European-based ETF issuer 21Shares to file for a Bitcoin ETF spot listed on the CBOE BZX Exchange in 2021, but the SEC rejected its application in April. Under current rules, the regulator is able to delay its decision and open the investment offer to public comment for up to 180 days, suggesting that the SEC may provide a final answer to the question. by January 2023.
In the announcement announcing a longer period, SEC Assistant Secretary J. Matthew DeLesDernier stated that he had chosen an extension to “allow sufficient time to consider the proposed rule change and the issues raised therein. The SEC never allowed ETFs with direct exposure to cryptocurrency, but it did give the green light to investment vehicles tied to BTC futures, including funds from Valkyrie and ProShares.
Read also: Grayscale Chief Legal Officer Says Bitcoin Litigation Could Take Two Years ETF
In June, when the SEC rejected a Grayscale Application to convert its Grayscale Bitcoin Trust (GBTC) into a BTC spot ETF, the investment manager filed a motion for the courts to review the regulator’s decision. Grayscale senior legal strategist Donald Verrilli alleged in the motion that the SEC acted “arbitrarily and capriciously” by “failing to apply consistent treatment to similar investment vehicles.” »