© Reuters
The U.S. Securities and Change Fee (SEC) has as soon as once more deferred its resolution on the ARK 21Shares exchange-traded fund (ETF), in response to paperwork posted on its web site on Tuesday, September 26, 2023. This marks the third time the regulator has delayed its resolution since ARK and 21Shares initially filed to launch the ETF in April 2023. The SEC now has till January 10, 2024, to make a ultimate resolution.
The delay got here sooner than business analysts had been anticipating. Technically, the SEC had till November 11, 2023, to approve, reject or delay a choice. Notably, different issuers together with BlackRock Inc (NYSE:). and Constancy Investments are additionally awaiting the regulator’s resolution on their respective ETF proposals.
The submitting acknowledged that Cboe BZX had proposed a rule change for the approval and itemizing of the ARK 21Shares Bitcoin ETF. The proposal was submitted on April 25, 2023, however was not printed for remark within the Federal Register till Could 15. The SEC then designated an extended approval interval on June 15, extending the date by which it was required to problem an approval or rejection.
The regulator’s deferral comes as a number of different Bitcoin ETFs await approval. The delays could present a sign of the SEC’s future remedy of assorted different pending functions. Quite a few asset administration companies submitted comparable filings for spot Bitcoin ETFs after BlackRock submitted its personal utility in mid-June.
ARK Make investments CEO and CIO Cathie Wooden had urged in August {that a} delay from the SEC was probably however expressed an expectation that a number of funds would finally be permitted.
The SEC additionally postponed a choice on GlobalX’s Bitcoin ETF. On this case, the regulator should approve or disapprove the ETF, or provoke proceedings, by November 21, 2023. Regardless of each functions being filed by Cboe BZX, International X’s ETF is unrelated to the ARK 21Shares ETF.
In the meantime, numerous U.S. lawmakers have urged the SEC to approve a Bitcoin ETF in a letter addressed to chairman Gary Gensler and several other commissioners. The value of Bitcoin remained largely unchanged at $26,150 as of 6 p.m. in New York on Tuesday.
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