The United States Securities and Exchange Commission has pushed the deadline to approve or disapprove ARK 21Shares’ Bitcoin exchange-traded fund to August 30.
According to a Tuesday submitting from the SEC, the regulatory physique prolonged the deadline for approving or disapproving the ARK 21Shares spot Bitcoin (BTC) ETF from July 16 for a further 45 days, to August 30. The utility, initially filed with the SEC in May and printed for remark within the Federal Register on June 1, included a proposed rule change from the Chicago Board Options Exchange BZX Exchange.
Ark Invest partnered with Europe-based ETF issuer 21Shares to file for a spot Bitcoin ETF listed on CBOE BZX Exchange in 2021, however the SEC rejected its utility in April. Under present guidelines, the regulatory physique is ready to delay its resolution and open the funding providing to public remark for as much as 180 days, suggesting that the SEC might present a remaining reply by January 2023.
In the discover of designation of an extended interval, SEC Assistant Secretary J. Matthew DeLesDernier stated it had chosen an extension to permit for “sufficient time to consider the proposed rule change and the issues raised therein.” The SEC has by no means permitted an ETF with direct publicity to crypto however gave the inexperienced gentle to funding automobiles linked to BTC futures, together with funds from Valkyrie and ProShares.
Related: Grayscale authorized officer says Bitcoin ETF litigation might take two years
In June, when the SEC denied Grayscale’s utility to transform its Grayscale Bitcoin Trust (GBTC) right into a spot BTC ETF, the funding supervisor filed a petition for courts to evaluation the regulatory physique’s resolution. Grayscale senior authorized strategist Donald Verrilli alleged within the submitting that the SEC had acted “arbitrarily and capriciously” by “failing to apply consistent treatment to similar investment vehicles.”