SEC Delays ARK Invest's Bitcoin ETF Proposal to January 2024
The U.S. Securities and Exchange Commission (SEC) has decided to postpone ARK Invest's Bitcoin ETF proposal to early 2024.
SEC Delays ARK Invest's Bitcoin ETF Proposal to January 2024
In its latest ruling, the U.S. Securities and Exchange Commission (SEC) has extended the decision deadline for ARK Invest's Bitcoin spot ETF proposal to January 2024.
The SEC stated the need for additional time to thoroughly consider all aspects of the Bitcoin ETF proposal, hence the postponement. Interestingly, despite the proposal's original deadline in mid-November, the SEC chose to delay it earlier.
UPDATE: Wow. The SEC just came out SUPER early and delayed the @ARKInvest / @21Shares #Bitcoin ETF filing. This thing wasn't due for a decision until Nov 11.
— James Seyffart (@JSeyff) September 26, 2023
Also delaying the @GlobalXETFs application which was due Oct 7. pic.twitter.com/7DiBq1h4Ef
Additionally, the SEC has postponed Global X's Bitcoin ETF proposal to November, indicating that other major Wall Street firms such as BlackRock, Fidelity, Valkyrie, VanEck, Invesco, among others, are likely to have their Bitcoin spot ETF filings deferred until mid-October.
SEC previously delayed ARK Invest's Bitcoin ETF proposal in mid-August and Wall Street financial conglomerates' proposals in early September, as reported by Coin68.
Bitcoin spot ETFs are under consideration by the SEC. Photo: Bloomberg
During a hearing before the U.S. Senate on September 12, SEC Chairman Gary Gensler confirmed the commission's review of ETF proposals, as well as court rulings regarding Grayscale's Bitcoin ETF appeal. The SEC has yet to approve any Bitcoin spot ETFs due to concerns over fraud and market manipulation risks in the cryptocurrency market.
Despite continuous delays by the SEC, Bloomberg analysts still predict a 75% probability of Bitcoin spot ETF approval in 2023 and a 95% likelihood in 2024.
