SEC punts on ARK 21Shares spot Bitcoin ( $76,093.00 ) ETF, opens proposal to comments

The United States Securities and Exchange Commission (SEC) has delayed a decision on approving or disapproving the spot Bitcoin ( $76,093.00 ) (BTC) exchange-traded fund proposed by ARK Investment Management.

In an Aug. 11 notice, the SEC opened a 21-day comment period for the ARK 21Shares Bitcoin ( $76,093.00 ) ETF to the public following publication in the Federal Register, the latest delay for the regulator determining whether to approve or disapprove of a spot crypto ETF in the United States. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision.

“The regulated market of significant size test does not require that the spot Bitcoin ( $76,093.00 ) market be regulated in order for the Commission to approve this proposal, and precedent makes clear that an underlying market for a spot commodity or currency being a regulated market would actually be an exception to the norm,” said the SEC.

ARK Investment Management is one of many firms in the U.S. applying to get a spot crypto ETF listed on a regulated exchange. BlackRock, the largest asset management firm in the world, notably sent in its own application in July. A number of firms also amended existing applications to include cryptocurrency exchange Coinbase as a surveillance-sharing partner following reports SEC officials could be more open to accepting an ETF under those conditions.

This is a developing story, and further information will be added as it becomes available.