The SEC has delayed its decision on Arc Invest’s Spot Bitcoin ETF application.
The SEC was expected to announce its Arc Invest Spot Bitcoin ETF decision today. However, the SEC delayed the decision, neither confirming nor denying it.
SEC Delays Decision as It Expects to Announce Bitcoin ETF Decision in First Place
The SEC has evaluated the ARK 21Shares Spot Bitcoin ETF application submitted by ARK Investment Management and has opened it for public comments on the proposal. Cathy Wood, founder and CEO of ARK Investment Management, said on Aug. 7 that she expects the SEC to delay its decision on the Spot BTC ETF application. The SEC has postponed its decision on whether or not to approve the Spot Bitcoin ETF until a later date.
In an August 11 announcement, the SEC announced in the Federal Register that it had begun a 21-day comment period for the ARK 21Shares Bitcoin ETF. This period is a recognized period for the public to express their opinion on the ETF. ARK Investment Management first filed its application in May, giving the SEC up to 240 days to make a final decision. This decision is expected to be taken by January 2024.
The ARK 21Shares Bitcoin ETF implemented by ARK Investment Management aims to be listed on the Cboe BZX exchange. For this, the applicant must prove “a comprehensive surveillance-sharing agreement with a significant regulated market”. However, the SEC previously rejected ARK’s crypto ETF proposals on the grounds that it found them insufficient to protect investors.