The United States Securities and Exchange Commission (SEC) is taking the maximum time allowed for the regulator to reach a decision on a spot Bitcoin (BTC) exchange-traded fund, or ETF, offering from ARK 21Shares.
In a Sept. 26 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow ARK 21Shares’ spot BTC ETF on the Cboe BZX Exchange. The commission’s previous delay on Aug. 11 gave the regulator until Nov. 11 to decide whether to approve, disapprove, or again defer on a decision.
It’s unclear why the SEC chose to designate a longer period to determine the fate of the spot Bitcoin ETF 45 days ahead of the deadline. The regulator has usually waited until a few days before any deadline to file a delay. With the additional 60 days to consider ARK 21Shares’ offering, the SEC’s final deadline will be Jan. 10 — 240 days after the application was filed in May 2023.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change […] and the issues raised therein,” said the SEC.
This is a developing story, and further information will be added as it becomes available.