SEC delays decision on ARK's spot Bitcoin ETF application, seeks public feedback Bitcoin BTC ARK21SharesBitcoinETF
- In a move that was widely expected by analysts, the Securities and Exchange Commission has delayed its decision on the ARK 21Shares Bitcoin ETF application and instead opened a 21-day comment period to the public to get feedback on the investment product.
“The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal” over the next 21 days, the notice said. “I think you're probably right that Aug. 13 will come and go,” ARK CEO Cathie Wood said during an interview with Bloomberg Television on Monday. “I think the SEC, if it's going to approve a bitcoin ETF, will approve more than one at once.”
In response to the notice, James Seyffart, an ETF analyst with Bloomberg Intelligence, said, “This is a STANDARD delay letter. There's some confusion but only the first few paragraphs of this letter are written by the SEC and it's very standardized. The rest is just a copy-paste of the 19b-4 application written by CBOE . There isn't much to read into here IMO.”
“Cathie said earlier this week all Bitcoin ETFs should be approved at once, but that doesn’t affect the SEC’s decision here, because there is still a more than a significant amount of Bitcoin price manipulation and wash trading by, IMHO, Chinese exchanges,” he added. “SEC wants mechanisms in place to be able to detect fraud. Having Coinbase as a pricing source in ARK’s surveillance-sharing agreement helps, but it only really works if crypto is cleaned up first.
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