The U.S. Securities and Exchange Commission (SEC) has chosen to postpone its decision on the ARK Invest 21Shares Bitcoin Exchange Traded Fund (ETF) application.
On Tuesday, September 26, 2023, the U.S. Securities and Exchange Commission (SEC) decided to delay the approval of the ARK Invest 21Shares Bitcoin Exchange Traded Fund (ETF). This delay might mean that it’s less likely for a Bitcoin ETF to get approved in 2023.
ARK Invest’s Filing Faces Delay
The SEC has decided to take more time before making a decision on ARK Invest’s 21Shares filing. This delay happened earlier than expected, considering the decision was originally scheduled for November 11, 2023. It’s noteworthy that this decision came just before SEC Chair Gary Gensler’s hearing before the Financial Services Committee on September 27, 2023.
According to a message from the SEC about the ARK Invest filing, they are designating a longer period to decide whether to approve or disapprove the proposed rule change.
Approval Postponed to 2024
James Seyffart, a Bloomberg ETF analyst, believes that the SEC’s decision to delay the ARK Invest 21Shares filing may have extinguished any hopes of seeing an ETF approval in 2023. There are pending decisions on applications from BlackRock, Bitwise, Wisdomtree, and others expected in the third week of October 2023. It’s possible that we’ll receive updates on all these applications soon.
Additionally, it’s worth noting that Franklin Templeton joined the group of major financial firms seeking the first-ever spot Bitcoin ETF approval in the United States on September 12, 2023.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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