SEC Delays Verdict on ARK 21Shares Bitcoin ETF

The US Securities and Exchange Commission (SEC) has delayed its decision on a spot market bitcoin exchange traded fund by Arc Invest and 21Shares. According to the document, the SEC delayed its verdict until August 30, 2022.

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The watchdog, like with all previous application for a spot bitcoin-ETF, said in the filing that it finds it “appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposedrule change and the issues raised therein.”

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In June last year, the SEC declined to approve or disapprove an application made by Kryptoin. A few months later, the US financial regulator also delayed its decision on VanEck’s bitcoin-ETF.

In June this year, the SEC declined an application from Grayscale to turn its Bitcoin Trust (GBTC) into a spot bitcoin-ETF, citing fraud and manipulation concerns. Shortly after the decision was made, Grayscale initiated a legal battle against the regulator.

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Grayscale CFO, Craig Salm, believes there might be “unfair discrimination” as the watchdog previously gave green light to bitcoin-ETF based on futures, and, therefore, should allow spot bitcoin-ETF as well as bitcoin futures and spot bitcoin ETFs derive their pricing from the same underlying spot bitcoin markets.

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