The US Securities and Trade Fee, or SEC, has prolonged its window to resolve on whether or not shares of ARK 21Shares’ Bitcoin exchange-traded fund might be listed on the Chicago Board Choices Trade BZX Trade.
In a Nov. 15 announcement, the SEC issued a discover for an extended designation interval for the appliance of ARK 21Shares’ Bitcoin (BTC) ETF, initially filed with federal regulator on Might 13. The SEC twice prolonged its window to approve or disapprove of the crypto funding car in July with an extension and in August with a remark interval.
“The Fee finds that it’s applicable to designate an extended interval inside which to challenge an order approving or disapproving the proposed rule change in order that it has ample time to think about the proposed rule change and the problems raised therein,” mentioned SEC assistant secretary Sherry Haywood. “Accordingly, the Fee […] designates January 27, 2023, because the date by which the Fee shall both approve or disapprove the proposed rule change.”
Ark Make investments initially partnered with Europe-based ETF issuer 21Shares to file for a spot Bitcoin ETF listed on the Cboe BZX Trade in 2021, however the SEC rejected the application in April. With the Nov. 15 announcement, the federal regulator has successfully exhausted its skill to proceed to delay a choice on the crypto ETF below present SEC guidelines.
Associated: Chamber of Digital Commerce says ‘the time has come’ for the SEC to approve a Bitcoin ETF
Up to now, the SEC has by no means authorised a spot crypto ETF in the US however gave the green light to funding autos linked to BTC futures with a fund from ProShares beginning in October 2021. Upon having its software rejected, digital asset supervisor Grayscale pursued legal action towards the SEC, arguing its refusal to approve a BTC ETF was “arbitrary, capricious and discriminatory.” Different companies together with VanEck have continued to pursue applications with the SEC for a crypto spot funding car.