US SEC Delays Decision on ARK 21Shares Bitcoin ETF Until Next Year

cryptonews.com:

The U.S. Securities and Exchange Commission (SEC) has once again announced a delay in its decision regarding the proposed ARK 21Shares spot Bitcoin ETF, pushing the deadline into the next year with a new date set for January 10th. 

This announcement of delay came just hours after a request by a bipartisan group of lawmakers, who had urged SEC Chair Gary Gensler to fasttrack the approval of a spot Bitcoin exchange-traded fund (ETF).

In its official statement, US SEC expressed the need for a more extended timeline to thoroughly evaluate the proposed rule change.

The postponement is not limited to the ARK 21Shares Bitcoin ETF alone. 

The SEC has also extended the decision deadline for the proposed Global X Bitcoin Trust to November 21st, indicating a potential series of delays for applications related to spot Bitcoin funds.

This delay follows a previous postponement when, in response to the initial proposal by ARK Invest and 21Shares, the SEC requested additional written comments.

Initially, the SEC had set a deadline of August 13th to either approve, disapprove, or initiate proceedings to determine the fate of the application.

Cathie Wood, CEO of Ark Invest, had anticipated the first delay, suggesting that the SEC might approve multiple Bitcoin ETFs simultaneously when it decides to greenlight this financial product.

Currently, the SEC is reviewing applications for various spot Bitcoin funds from prominent industry players such as BlackRock, Fidelity, VanEck, and Invesco. 

The ARK 21Shares Bitcoin ETF had been at the forefront of these applications.

Furthermore, the deadlines for decisions on other Bitcoin-related funds have also been extended. 

The likes of BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Trust, the