Time Is Running Out for SEC to Approve this Bitcoin ETF

ARK Invest Approval Process Unlikely to Break SEC Tradition

ARK Invest, whose CEO Cathie Wood is bullish on crypto, applied to launch a spot fund on May 15. According to the Federal Register, the SEC will approve, reject, or commence rejection proceedings by that date. The SEC can legally extend the deadline to Jan. 10, 2024.

Approving ARK’s fund would set the tone for at least seven other applications filed by Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, First Trust Galaxy, and Fidelity. The entrance of the Wall Street heavyweights recently prompted Bloomberg analysts to revise their prediction of an approval upwardly.

Read here how the recent banking crisis exposed the growing links between traditional and crypto finance.

However, Matt Hougan at Bitwise said the SEC had dragged its feet with spot ETF applications since 2016. He expects the agency to adopt the same approach with the ARK application.

On the other hand, the CIO of Purpose Investments, Som Seif, said Americans are investing heavily in its spot Bitcoin ETF in Canada. The fund manages about $500 million.

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Author: David Thomas

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