SEC punts on ARK 21Shares spot Bitcoin ETF, opens proposal to comments

The US Securities and Change Fee (SEC) has delayed a call on approving or disapproving the spot Bitcoin (BTC) exchange-traded fund proposed by ARK Funding Administration.

In an Aug. 11 discover, the SEC opened a 21-day remark interval for the ARK 21Shares Bitcoin ETF to the general public following publication within the Federal Register, the most recent delay for the regulator figuring out whether or not to approve or disapprove of a spot crypto ETF in america. ARK initially filed to checklist the ETF in Could, giving the SEC a most of 240 days — till January 2024 — to achieve a remaining choice.

“The regulated market of serious measurement take a look at doesn’t require that the spot bitcoin market be regulated to ensure that the Fee to approve this proposal, and precedent makes clear that an underlying marketplace for a spot commodity or foreign money being a regulated market would truly be an exception to the norm,” mentioned the SEC.

ARK Funding Administration is one in every of many corporations within the U.S. making use of to get a spot crypto ETF listed on a regulated change. BlackRock, the biggest asset administration agency on the planet, notably sent in its own application in July. Various corporations additionally amended present functions to incorporate cryptocurrency change Coinbase as a surveillance-sharing partner following reviews SEC officers might be extra open to accepting an ETF underneath these situations.

It is a creating story, and additional data will probably be added because it turns into accessible.