SEC Delays Decision on ARK 21Shares' Spot Bitcoin ETF Proposal Until January 2023
Summary:
The U.S. Securities and Exchange Commission (SEC) has prolonged its decision-making period concerning ARK 21Shares' proposal for a spot Bitcoin exchange-traded fund (ETF) on the Cboe BZX Exchange. The extension sees the decision deadline shifted to January 10, 240 days since the filing of the application; a move the SEC justifies as necessary for thorough examination of the proposition and associated issues.
ARK 21Shares' proposed rule change for a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Cboe BZX Exchange has led the U.S. Securities and Exchange Commission (SEC) to extend the decision-making period to its legal maximum. This announcement, made by the SEC on September 26, denotes a prolonging of the timeframe set for deciding to approve, disapprove, or further postpone the decision. The previous deferment dated back to August 11th, mandating a decision by November 11th. The rationale behind the SEC's decision to expansively extend this period by 45 days before the deadline remains unknown, as the regulator generally files a delay shortly before any cutoff date. By adding an extra 60 days to review ARK 21Shares' submission, the definitive deadline for the SEC will be January 10, 240 days since the application was filed in May 2023. The SEC justified the extension by asserting it was crucial to provide ample time to examine the proposed rule alteration and address any associated issues. As more details emerge, this news item will be updated.
Published At
9/26/2023 9:01:24 PM
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