There is still no positive decision regarding the applications for spot Bitcoin ETFs, which are considered a significant milestone in the development of the cryptocurrency world. So far, the SEC has only had application rejections and delays. It is still unclear when the institution’s stance will change.
The Securities and Exchange Commission (SEC) made two critical announcements recently, delaying the ARK 21Shares spot Bitcoin ETF and the Global X spot Bitcoin ETF. The SEC postponed the decision on the ARK 21Shares ETF application until January 10, 2024.
The statement regarding the matter was as follows:
The Commission has determined it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change.
This delay comes just hours after a group of Republican and Democratic lawmakers pressured SEC Chairman Gary Gensler to allow the listing of spot Bitcoin ETFs urgently.
The SEC also postponed its decision on the proposed Global X Bitcoin Trust until November 21, indicating possible delays in additional ETF applications. The regulatory institution had previously delayed the fund proposed by ARK Invest and 21Shares by requesting written comments.
Ark CEO Cathie Wood made a statement in August, expressing her expectation of the first delay. At that time, she stated:
I think if the SEC approves one Bitcoin ETF, it will approve multiple at the same time.
The regulatory institution is currently reviewing applications for multiple spot Bitcoin ETFs, including those from major players such as BlackRock, Fidelity, VanEck, and Invesco. The ARK 21Shares Bitcoin ETF was a frontrunner in this group.
Finally, the decision dates for BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, and Invesco Galaxy Bitcoin ETF were extended until October 17, while the deadline for the Valkyrie Bitcoin Fund was extended until October 19.
In addition, the decision date for Bitwise Bitcoin ETP Trust was postponed until October 16. The SEC has not yet approved a spot Bitcoin ETF, citing concerns about fraud and manipulation. However, the SEC did allow the first Bitcoin futures ETF to start trading in 2021.