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The U.S. Securities and Exchange Commission (SEC) has on Tuesday, September 26, 2023 took a call to delay the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) submitting. This might successfully slim down any possibilities of a spot ETF approval inside 2023.

Also Read: Gary Gensler Hearing: US SEC Chair Seeks To Avoid XRP Lawsuit Questions

ARK Invest Filing Gets Delay

According to the SEC’s update on the ARK Invest 21Shares submitting, the company now seeks an extended interval for any motion on the proposed rule change. Considering that the choice was due solely on November 11, 2023, the delay resolution got here in comparatively early and simply in time earlier than the SEC Chair Gary Gensler listening to earlier than the Financial Services Committee afterward September 27, 2023.

A message from the SEC on ARK Invest submitting reportedly mentioned,

“Notice of Designation of a Longer Period for Commission Action on Proceedings to determine whether to approve or disapprove a proposed rule change…”

Approval In 2024

Hence, James Seyffart, a Bloomberg ETF analyst, believes that the company could have dashed any hopes of ETF approval in 2023 with this resolution. Decisions on the filings of BlackRock, Bitwise, and Wisdomtree amongst others is due within the third week of October 2023. Will there be updates on all these functions very quickly?

“If they went on Ark/21 shares already, we may see delays on all the other filings today too? BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Fidelity and Valkyrie are all due in mid October.”

It was solely on September 12, 2023 that Franklin Templeton has joined the lengthy checklist of massive monetary corporations vying for the primary ever spot BTC ETF approval within the United States. However, CoinGape reported that the funding administration agency is but to file the 19b-4, a key step within the approval course of.

Also Read: SBF Trial: Judge Grants Permission to Question Political Donations

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Anvesh experiences main crypto updates round U.S. regulation and market transferring traits. Published over 1,200 articles thus far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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