New Deadline Set for ARK 21Shares Bitcoin ETF Approval
In a recent move that has Bitcoin enthusiasts holding their breaths, the United States Securities and Exchange Commission (SEC) has pushed back the deadline to approve or deny the ARK 21Shares Bitcoin exchange-traded fund (ETF). Originally set for July 16, the new deadline now stands at August 30. This extension gives the SEC an additional 45 days to deliberate, which is like adding extra time to a nail-biting game where everyone anxiously waits for that last-minute goal.
The Application Journey
The ETF application saw the light of day back in May, with the regulatory body making it officially available for public commentary on June 1. The proposal for this ETF comes from a partnership between Ark Invest, the brainchild of investment guru Cathie Wood, and 21Shares, a trailblazer based out of Europe.
- File Date: May 2023
- Public Comment Start: June 1, 2023
- Future Date for Decision: August 30, 2023
Past Hurdles with the SEC
Let’s not forget that this isn’t the first rodeo for ARK. Their initial application for a spot Bitcoin ETF was tossed aside by the SEC back in April. Under current SEC guidelines, the agency has wiggle room to delay its decision for as long as 180 days—meaning we could be at this suspenseful cliffhanger until January 2024!
Insight from SEC Officials
J. Matthew DeLesDernier, the SEC’s assistant secretary, shared that the reason for this extended deadline is primarily to allow enough time to fully consider the proposed changes and the issues raised. They want to ensure nothing slips through the cracks—like that one sock that disappears in the dryer.
Broader Crypto ETF Landscape
The SEC’s approach to cryptocurrency ETFs has been notably cautious. While they’ve given the green light to several ETFs linked to Bitcoin futures, the world is still anxiously awaiting a spot Bitcoin ETF approval. This has left many wondering what the SEC is waiting for; are they caught in a crypto conundrum or is there a strategy at play?
The Ripple Effect of SEC Decisions
The implications of the SEC’s decisions extend far beyond just ARK and 21Shares. For instance, recently, the SEC denied Grayscale’s attempts to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Following this denial, Grayscale took matters into its own hands by challenging the SEC’s ruling in court, claiming inconsistencies in how the SEC treats similar investment vehicles. One has to wonder—will we see a court drama unfold that rivals the best legal thrillers?
As we approach the new deadline for ARK 21Shares’ ETF, the air is thick with anticipation. Investors and crypto enthusiasts will surely be watching closely, hoping for a breakthrough that could change the landscape for Bitcoin investments.
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