US Securities and Exchange Commission Postpones Verdict on Bitcoin ETF Filed by ARK Invest

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US Securities and Exchange Commission Postpones Verdict on Bitcoin ETF Filed by ARK Invest By Angel Di Matteo @shadowargel

The Securities and Exchange Commission Now you have until next August 30 to give a verdict on the request for ARK Invest. However, to date no Bitcoin ETFs has been approved by the regulator.

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  • The SEQ postpone verdict Bitcoin ETFs of ARK Invest.
  • The regulator will have until next August 30 to rule.
  • To date, the SEQ has officially rejected all proposals for a Bitcoin ETFs.
  • But it has given the green light to requests for ETFs based on futures Bitcoin.

The US Securities and Exchange Commission (SEC) postponed its official verdict on the application for a Bitcoin ETFs introduced by ARK Invest of Cathie Wood, so the entity will have until August 30 to give a definitive answer.

SEQ delay decision on Bitcoin ETFs of ARK Invest

This was announced by SEQ today in a statement published through its official page, where it states that it will pronounce its decision on the application for the ETF ARK 21Shares spot Bitcoin for a period of 45 additional days, which are added to the deadline originally contemplated, which was July 16.

Originally ARK Invest partnered with 21Shares to apply for the Bitcoin ETFs corresponding, which was presented to the regulator in May of this year and was published for comments in the Federal Register as of June 1st. At this point a change proposed by the Chicago Board Options Exchange (CBOE BZX Exchange) and since then it waits for the due confirmation.

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Previously, ARK Invest and 21Shares joined forces to apply for a Bitcoin ETFs quoted in CBOE BZX Exchange in 2021, but the SEQ rejected this proposal last April. On that occasion, he raised his concerns about the volatility in the price of the digital currency, as well as the possibility that its market is manipulated by exchanges or other entities.

The race for the first Bitcoin ETFs in the US continues

The statement by the SEQ regarding the request for ARK Invest comes into place after the regulator formally rejected the application submitted by greyscale, which he had planned to convert his grayscale Bitcoin Trust (GBTC) in a Bitcoin ETFs.

This rejection also occurred at a time when the digital currency market is going through what many analysts call a crypto winter, which was especially accentuated after the fall of the cryptocurrency ecosystem. land and the effect it had on the crypto-asset ecosystem in general.

Unlike other previous rejections, grayscale announced that it would take legal action against the SEQ for considering that the organism manages an unfair treatment towards everything that has to do with Bitcoin and cryptocurrencies. It is worth noting that the commissioner of the regulatory entity, Hester Peirce, alleged that she and many other officials do not understand the entity’s refusal in relation to this type of financial product, assuring that sooner or later it will have to give its arm to twist and formally accept some request.

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However, the story has been different for the ETFs based on futures Bitcoin, to whom the SEQ gave the green light as of October 2021. Let us bear in mind that under this modality these are duly regulated products, which are in a different legal situation and do not have direct exposure to digital currency, a very different situation from that which applies to requests for funds based on BTC or other assets.


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Font: Cointelegraph, SEQ

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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