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SEC pushes the deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023

SEC pushes the deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023

“The Commission finds it appropriate to provide an extended period within which to issue an order approving or denying the proposed rule change,” the SEC said. The United States Securities and Exchange Commission, or SEC, has expanded its window to decide whether shares in Bitcoin exchange-traded fund ARK 21Shares could be listed on the Chicago Board Options Exchange’s BZX stock exchange. Bitcoin BTC Tickets were reduced by $16,844 ETF, initially filed with federal regulators on May 13. 

The SEC extended its window to approve or disapprove the crypto investment vehicle twice, in July with an extension and in August with a comment period. “The Commission considers it appropriate to establish an extended period within which an order approving or rejecting the proposed rule change may be issued to allow it sufficient time to consider the proposed rule change and the issues raised therein,” said the Secretary of State for SEC, Sherry Haywood.

“Accordingly, the Commission designates January 27, 2023, as the date on which the Commission will approve or reject the proposed rule change.

Ark Invest initially partnered with Europe-based ETF issuer 21Shares to apply to list a spot bitcoin ETF on the Cboe BZX Exchange in 2021, but the SEC denied the application in April. With the November 15 announcement, federal regulators have effectively exhausted their ability to delay further a decision on the crypto ETF under applicable SEC rules.

The SEC has never approved a spot cryptocurrency ETF in the United States, but it has given the green light to investment vehicles tied to BTC futures with a ProShares fund beginning in October 2021. Denying his request, digital asset manager Grayscale took legal action against the SEC, arguing that its refusal to approve a BTC ETF was “arbitrary, capricious and discriminatory.” Other companies, including VanEck, have followed SEC filings for a cryptocurrency spot investment vehicle.

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