U.S. SEC Postpones Ark Bitcoin ETF Submission; Requests Input

• The aim of this process is to determine whether to implement the proposed rule change.
• The US SEC has effectively delayed a decision regarding the approval of the ETF.

The U.S. SEC issued a notice on Friday inviting feedback on the proposal to list the Ark Spot Bitcoin ETF, generating considerable anticipation as the deadline approached. This notice was published to collect opinions on the proposed rule change that would permit the ARK 21Shares Bitcoin ETF to be listed and traded.

The aim of this process is to determine whether to implement the proposed rule change, and stakeholders are encouraged to express their views on the proposal.

The U.S. Securities and Exchange Commission (SEC) initiated a comment period in July 2023 for investors, traders, and the general public to share their insights on Bitcoin ETF applications. The registration of spot ETFs by major asset managers such as Blackrock and Fidelity has positively impacted the cryptocurrency market over the past two months.

Effectively Delays Decision

By initiating the public comment period, the US SEC has effectively delayed a decision on the approval of the ETF. This postponement was, however, in line with expectations. The initial filing deadline for Ark Invest was scheduled for Sunday, August 13, 2023.

The agency noted that the public comment process does not imply that it has reached any conclusions regarding the issues raised by the proposal. After the public has had three weeks to provide feedback on the plan, the SEC will have five weeks to respond to those comments.

Ark Invest CEO Cathie Wood informed Bloomberg on Monday that while her company’s application is likely to face delays, the SEC is expected to approve multiple applications simultaneously.

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