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The United States Securities and Exchange Commission has postponed a decision to to approve or disapprove ARK 21Shares’ Bitcoin exchange-traded fund to August 30.
A Tuesday filing from the SEC, reveals that the regulatory body has moved the deadline for approving or disapproving the ARK 21Shares spot Bitcoin (BTC) ETF with 45 days from July 16 to August 30. Under current rules, the regulatory body can delay a decision by 180 days, which means that a final answer is expected by as late as January 2023
The original, and second ARK Invest application, was filed with the SEC in May and published for comment in the Federal Register on June 1. Ark Invest’s previous spot Bitcoin ETF was rejected in April of this year.
Explaining the decision to extend the decision process, SEC Assistant Secretary J. Matthew DeLesDernier said the agency would require “sufficient time to consider the proposed rule change and the issues raised therein.”
While the SEC has given the green light to investment vehicles linked to BTC futures, including funds from Valkyrie and ProShares, it has yet to approve an ETF linked directly to the price of crypto.
Following dismissal of Grayscale’s application to convert its Bitcoin Trust to Bitcoin Spot ETF in June, the asset manager has initiated a court case against the SEC.