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HomeFinance NewsSEC Delays Ark's Bitcoin ETF Filing Once Again

SEC Delays Ark’s Bitcoin ETF Filing Once Again

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The US Securities and Exchange Commission (SEC) has once again postponed its decision on several Bitcoin spot exchange-traded fund (ETF) applications. The delayed applications include GlobalX’s ETF and Ark/21Shares ETF. The SEC has set a final deadline of January 10, 2024, by which it must either approve or disapprove Ark’s application. This comes after a series of delays on applications from other competitors, and BlackRock’s deadline for its ETF application is also likely to be delayed. The delay follows a letter from a group of congressmen urging the SEC not to discriminate against spot Bitcoin ETFs.

Grayscale recently won a lawsuit against the SEC, accusing the agency of being arbitrary in denying its spot Bitcoin ETF while approving futures ETFs. This has created anticipation among investors regarding how the SEC will respond: either by approving a spot ETF or appealing the court’s decision. However, Bloomberg ETF analyst James Seyffart believes that Tuesday’s delays may signal the end of the hopes for an approved Bitcoin spot ETF by the end of the year. Bitwise, another participant in the Bitcoin ETF race, has filed an amendment to its application presenting new arguments against the SEC’s case for denying spot ETFs.

In summary, the SEC has delayed its decision on various Bitcoin spot ETF applications, including GlobalX’s and Ark/21Shares’. The agency has set a final deadline of January 10, 2024, for Ark’s application. The delays come after a letter from congressmen urging the SEC to treat spot Bitcoin ETFs fairly. Grayscale’s recent victory against the SEC in a lawsuit has increased anticipation among investors, but Bloomberg analyst James Seyffart believes the delays may have ended hopes for an approved Bitcoin spot ETF this year. Bitwise has filed an amendment to its application, presenting new arguments against the SEC’s case for denying spot ETFs.

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