The U.S. Securities and Exchange Commission (SEC) is taking the maximum time allowed for the regulator to make a decision on an ARK 21Shares spot bitcoin (btc) exchange-traded fund (ETF) offering.
In a September 26 notice, the SEC saying would designate a longer period to approve or disapprove a proposed rule change that would allow the ARK 21Shares Spot btc ETF on the Cboe BZX Exchange. The commission’s previous delay on August 11 gave the regulator until November 11 to decide whether to approve, disapprove or postpone a decision again.
It is unclear why the SEC decided to designate a longer period to determine the fate of the bitcoin Spot ETF 45 days before the deadline. The regulator has typically waited until a few days before the deadline to submit a delay. With the additional 60 days to consider the ARK 21Shares offering, the SEC’s final deadline will be January 10, 240 days after the application was filed in May 2023.
“The Commission believes 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” , the SEC said.
This is a developing story and more information will be added as it becomes available.
