ARK’s Bitcoin ETF Decision Nears – Will SEC Give the Green Light on Aug. 13?

According to a recent report by CNBC, the United States Securities and Exchange Commission (SEC) is rapidly approaching a key deadline for making a ruling on ARK’s application for a Bitcoin (BTC) Spot Exchange Traded Fund (ETF).

With the global asset manager’s deadline set for August 13, the industry eagerly awaits the SEC’s thumbs up or thumbs down.

Bitcoin ETF Decision Could Be Pushed To 2024?

ARK’s Bitcoin ETF application was officially published in the Federal Register on May 15, triggering a countdown for the SEC’s decision. A subsequent filing on June 15 designated August 13 as the date by which the SEC must either approve or disapprove the proposed rule change or initiate proceedings for determining disapproval.

However, it’s important to note that the SEC has the authority to extend the deadline by a maximum of 240 days, potentially prolonging the final response until January 10, 2024, for ARK’s application and until March 2024 for the other applicants.

Apart from ARK, several other organizations have thrown their hats into the ring, seeking approval for spot BTC ETFs. The list includes Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, First Trust Galaxy, and Fidelity Wise Origin.

Additionally, Grayscale has filed to convert its Grayscale Bitcoin Trust into a Bitcoin Spot ETF. So if the SEC ultimately approves a BTC ETF, there would be growing calls for simultaneous approvals to ensure fairness and avoid favoritism among the applicants.

Cracking Down On Manipulation

Unlike previous spot Bitcoin ETF applications, the current crop of filings includes a novel addition: a “surveillance sharing” agreement with exchanges such as Nasdaq and Cboe.

This agreement aims to facilitate the exchange of information on market trading activity, clearing activity, and customer identification, reducing the risk of market manipulation.

It also seeks to safeguard investor assets from unauthorized diversion, addressing concerns raised in previous SEC rejections. However, it remains uncertain whether these changes will be sufficient to sway the

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Author: Ronaldo Marquez

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