We have already discussed US Bitcoin (BTC) exchange fund applications in detail. Most notably, the filing by BlackRock, the world’s largest financial institution, was big news and the reason for the crypto price increases in June. However, ARK Investments’ application was the first to be approved or denied. The US Securities and Exchange Commission (SEC) announced its decision today.
SEC Makes Decision on Bitcoin Exchange Fund
The SEC has exercised the option to defer the decision on the ARK Bitcoin ETF. We actually expected that. While the SEC has deadlines to provide clarity, it also has the option to delay that decision with each deadline.
Now they have. It is expected that she will do the same for the other applications. Some of it is scheduled for the SEC next month.
Cathie Wood, ARK’s CEO, said in an interview with Bloomberg last week that she already expects that response from the SEC. Given the regulator’s firm stance on the crypto sector, this choice is far from surprising. Neither ARK Invest itself nor Cathie Wood have responded to the SEC’s decision.
BlackRock the exception?
With the extension of the verdict on the ARK Bitcoin ETF, the chance that the decision on another Bitcoin ETF will be made next month has also decreased significantly. Still, things will get exciting next month when it’s the Blackrock ETF’s turn.
Perhaps Blackrock is an exception with his stature and yet gets approved immediately. However, this is pure speculation and we will have to wait patiently.
If the SEC increases the renewal option for all other applications as well, we’ll have to wait until early 2024. Then the financial regulator really has to take the plunge.