SEC Once more Delays Resolution on Ark’s Bitcoin ETF Submitting

The US Securities and Trade Fee (SEC) has once more delayed approval for a set of Bitcoin spot ETF purposes which have amassed in its inbox.

One is GlobalX’s ETF software, for which a response was due from the company on October 7 after the ETF supplier joined the race later than rivals. Nevertheless, it additionally delayed approval for the Ark/21Shares ETF, which wasn’t due till November 11.

“The Fee designates January 10, 2024, because the date by which the Fee shall both approve or disapprove the proposed rule change,” wrote the SEC in a Tuesday submitting. This marks absolutely the last deadline by which the company should both approve or deny Ark’s software.

The SEC final delayed Ark’s software in August, adopted by a slew of different delays on purposes from rival corporations that had been due in early September. BlackRock—essentially the most distinguished among the many rivals—has its subsequent deadline slated for October 17, which can be delayed once more.

The delay comes shortly after a gaggle of crypto-supportive congressmen together with Tom Emmer and Ritchie Torres despatched a letter to SEC chair Gary Gensler demanding that he “not proceed to discriminate towards spot Bitcoin exchange-traded merchandise.”

Final month, Grayscale received a lawsuit towards the SEC when it argued that the company was being “arbitrary and capricious” in its denial of the agency’s spot Bitcoin ETF alongside simultaneous approval of futures ETFs. The victory has left traders in keen anticipation of what the SEC will do in response: both approving a spot ETF, or interesting the courtroom’s choice.

Both approach, Bloomberg ETF analyst James Seyffart stated Tuesday’s delays might have “put the hammer down” on hopes of such a product being accepted by the tip of the 12 months.

“My base case is that we’ll get the ‘delays’ on the opposite filings tomorrow or someday this week, and the SEC is solely getting forward of a possible federal authorities shutdown,” he wrote on Twitter on Tuesday.

Bitwise—one other member of the Bitcoin ETF race—filed an modification to its software on Tuesday that includes new arguments towards the SEC’s case for denying spot ETFs.