US SEC delays decision on Cathie Wood’s spot bitcoin ETF

The US Securities and Exchange Commission (SEC) has delayed a call on whether or not to approve Cathie Wood-led Ark Investment Management’s (ARK) spot bitcoin exchange-traded fund (ETF), a submitting by the regulator confirmed on Friday.

The SEC is in search of public touch upon the Ark 21Shares Bitcoin ETF utility, and has pushed again the choice date by a number of weeks to doubtlessly months. It was beforehand attributable to decide by Aug. 13.

The regulator has lately rejected dozens of functions for spot bitcoin ETFs, publicly traded funding autos that straight monitor bitcoin worth, citing insufficient degree of buying and selling surveillance that would go away the underlying spot market topic to fraud and manipulation.

Still, futures-based bitcoin ETFs that monitor the worth of bitcoin futures contracts have been allowed by regulators since October 2021.

Interest from main monetary establishments has helped revive the crypto markets in current months that had been within the doldrums after a collection of high-profile companies collapsed final 12 months together with Sam Bankman-Fried’s FTX.

In June, BlackRock, the world’s greatest asset supervisor, additionally filed for a bitcoin ETF, a transfer that many seen as a gamechanger for the business.

In 2021, Wood’s ARK and crypto funding agency 21Shares US LLC had first teamed as much as file an utility for a spot bitcoin ETF with the regulator.

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