- The Securities & Exchange Commission has delayed reviewing ARK 21 Shares Spot Bitcoin ETF.
- The SEC had an earlier deadline of Nov. 11, 2023, to decide.
- US lawmakers have demanded that the SEC Chair Gary Gensler approve Bitcoin ETFs.
YEREVAN (CoinChapter.com) — The US Securities and Exchange Commission (SEC) has again delayed its decision on the ARK 21Shares Bitcoin ETF. The latest delay marks the third time since April 2023 that the SEC has deferred a decision on the issue. The agency has now bought itself time until January 10, 2024, for a final decision.
The decision to delay has come as a surprise to industry insiders. The SEC had until Nov. 11, 2023, for its decision. However, with more than a month still left before its deadline, the postponement comes earlier than expected.
However, ARK 21Shares is not the only firm waiting for a Bitcoin ETF approval. BlackRock Inc. and Fidelity Investments are also awaiting decisions on their proposals.
According to the SEC, Cboe BZX Exchange submitted a rule change proposal for the ARK 21Shares Bitcoin ETF on April 25, 2023. The SEC designated an extended approval period on June 15, leading to this delay.
This delay could set a precedent for the other BTC ETFs awaiting approval.
SEC unwilling to budge on its stance against Bitcoin ETF
While the timing of the decision was unexpected, its outcome comes as no surprise. Last month, ARK Invest CEO Cathie Wood announced that she anticipated this delay. However, she claimed to remain hopeful about eventual approvals.
Meanwhile, the SEC claimed it needs additional time to address all concerns in the matter.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 3, and the issues raised therein. Accordingly, the Commission… designates January 10, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change,”
the SEC announced.
The SEC also postponed a decision on GlobalX’s Bitcoin ETF. Although unrelated to ARK 21Shares, it had a deadline of Nov. 21, 2023.
The decision comes at a time when four US Congressmen have sent a strong-worded letter to Gary Gensler. In their bipartisan communiqué, the lawmakers have asked SEC Chair Gary Gensler to approve a Bitcoin ETF.
The letter also accused the SEC of discrimination and argued that their approval would benefit investors.