The US Securities and Exchange Commission (SEC) has again extended the deadline for a decision on Ark 21Shares’ proposed spot Bitcoin ETF to next year. GlobalX’s ETF application will also have to wait for a decision until November.
In a release on Tuesday, September 26, the US SEC announced that it had designated January 10, 2024, as the date for a decision on the Ark 21Shares Bitcoin ETF application by extending the deadline for 60 days from November 11.
UPDATE: Wow. The SEC just came out SUPER early and delayed the @ARKInvest / @21Shares #Bitcoin ETF filing. This thing wasn't due for a decision until Nov 11.
Also delaying the @GlobalXETFs application which was due Oct 7. pic.twitter.com/7DiBq1h4Ef
— James Seyffart (@JSeyff) September 26, 2023
According to the release, Cboe BZX’s proposed rule change to list Ark 21Shares Bitcoin ETF was published in the federal register on May 15, 2023. After a 19b-4 filing, the SEC has 180 days to announce its decision. However, the regulator may extend the final decision by not more than 60 days if it determines that a longer period is appropriate.
The 180th day after publication of the proposed rule change was November 11, 2023. According to the agency, it is appropriate to designate a longer period to Ark 21Shares Bitcoin ETF as the latest amendment to the proposed rule change came just recently, on August 11, 2023. SEC said:
“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 […]. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates January 10, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change, as modified by Amendment No. 3.”
Cboe filed a proposed rule change to list Ark 21Shares Bitcoin in April. This is the second delay to this application. The SEC last delayed Ark 21Shares application in August, followed by other delays on applications from rival firms that were due in September.
As previously reported, Cobe also filed a 19b-4 application on September 6 with the SEC to list Ark 21Shares spot Ethereum ETF.
Delays to More Bitcoin ETF Applications May be Down the Road
Per the reports, the decision for GlobalX’s application, for which a response was due from the SEC on October 7, has also been delayed to November 21. According to Bloomberg ETF analyst James Seyffart, delays to more spot Bitcoin applications may be down the road, shattering the hopes of a Bitcoin ETF by the end of this year. The most anticipated is BlackRock’s ETF application, for which a decision is due on October 17.
This may put the hammer down for any hopes of an ETF approval this year? 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 & Valkyrie a all due in mid Oct … pic.twitter.com/XiFbxIrIRK
— James Seyffart (@JSeyff) September 26, 2023
The SEC announced the delay shortly after congressmen Tom Emmer and Ritchie Torres sent a letter to SEC chair Gary Gensler, asking him to stop discriminating against Bitcoin ETFs. James Seyffart said that the latest delay may have to do something with this letter, or the SEC “is simply getting ahead of a likely federal government shutdown.”
While the SEC is yet to approve a spot Bitcoin ETF, more applications are piling up. Recently, $1.5 trillion asset manager Franklin Templeton also filed a 19b-4 application for a spot Bitcoin ETF.
BREAKING: $1.5 trillion asset manager Franklin Templeton filed a 19b-4 for its spot #Bitcoin ETF application, officially starting the clock with the SEC. pic.twitter.com/Q4Bxg7LJkr
— Bitcoin Magazine (@BitcoinMagazine) September 26, 2023
