The United States Securities and Exchange Commission (SEC) has postponed reviewing the Ark 21Shares Bitcoin exchange-traded fund (ETF) application.

This action is part of a broader trend, as the regulatory body is currently scrutinizing over a dozen applications for spot Bitcoin and other future ETFs, including submissions from financial giants such as BlackRock and Fidelity.

SEC Delays Bitcoin ETF Decision

Ark Investment Management and 21Shares initially approached the SEC for ETF approval in 2021. Their quest for sanction met a hurdle when the SEC turned down their second attempt earlier this year.

Traditionally, the SEC’s hesitation stems from concerns about potential market manipulation and a lack of robust consumer protection against illicit activities.

A successful ETF approval could revolutionize the crypto market. It would empower a larger portion of the general investing populace to trade Bitcoin. This would be achievable without the need to own the underlying asset directly.

Read more: BlackRock and Invesco Spot Bitcoin ETFs a Matter of ‘When, Not If,’ Expert Says

Cathie Wood, the CEO of Ark Invest, anticipated the delay. She revealed her expectation for the SEC to approve multiple ETF applications in one go.

“Because most of these essentially will be the same, it will come down to marketing, communicating, the message”, Wood expressed.

On the other hand, Scott Farnin, legal counsel at Better Markets, Go to Source to See Full Article
Author: Bary Rahma

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