The U.S. Securities and Exchange Commission (SEC) has decided to use the maximum allowable time to consider the approval of a Bitcoin spot Exchange-Traded Fund (ETF) proposed by ARK 21Shares.
In a notice dated September 26, the SEC stated that it would extend the period within which it will make a decision on whether to approve or disapprove a proposed rule change that would enable the listing of ARK 21Shares' spot Bitcoin ETF on the Cboe BZX exchange. The previous delay decision, made on August 11, had given regulators until November 11 to make a determination.
The SEC's decision to specify a longer period for the review comes ahead of the next deadlines in October and November, which is an unusual move as regulators typically wait until shortly before the deadlines to file an extension request.
As there are still 60 days left for the SEC to consider ARK 21Shares' application, the final deadline for this proposal will be January 10, extending the review period to 240 days after the initial filing. The next deadline for the GlobalX ETF is November 21.
This development follows a letter from four U.S. representatives urging SEC Chairman Gary Gensler to promptly approve a spot Bitcoin ETF. They argued that the SEC is applying "inconsistent and discriminatory standards" by approving ETFs linked to cryptocurrency futures instead of physical investment products.
As of the current date, the next deadline for spot crypto ETF applications is set for October for seven major firms, including BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity. The SEC may decide to extend or further postpone these deadlines, possibly into March.
