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SEC Postpones ARK 21Shares Bitcoin ETF Decision Until 2024

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The United States Securities and Exchange Commission (SEC) has declared a delay of its decision to approve Ark 21 Shares spot Bitcoin exchange-traded fund (ETF) until the new year, extending to the maximum deadline.

Ark Invest and 21 Shares joined forces to apply for the Ark 21Shares Bitcoin ETF, persistently advocating for its approval for more than two years.

SEC Delays Ark21Shares Bitcoin ETF Decision to the Final Deadline

In a recent court filing, the SEC outlined its decision to postpone approval of Ark Invest and 21Shares’ spot Bitcoin ETF application on the Cboe BZX Exchange until January 10, 2024.

The proposed rule change had been made available for comment on May 15. The SEC utilized its 180-day extension window, which runs until November 11.

However, the SEC is eligible for an additional 60-day extension, which would take them into the new year. It decided to take up the option early, by making the announcement today.

“The Commission, pursuant to Section 19(b)(2) of the Act designates January 10, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change, as modified by Amendment No. 3.”

If the proposed rule undergoes modification, it will enable the listing of Bitcoin ETF products on the stock exchange.

On the same day, Congressman Tom Emmer, the majority whip of the United States House of Representatives, teamed up with Congressman Ritchie Torres to send a letter urging SEC Chair Gary Gensler to approve a Bitcoin ETF:

“We write to ensure the Securities and Exchange Commission (SEC) does not continue to discriminate against spot Bitcoin exchange-traded products (ETPs). The SEC is responsible for making certain that products comply with investor protection standards are made available to investors.”

Bitcoin’s Price has not swayed significantly since the SEC

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Author: Ciaran Lyons

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