- The Securities and Exchange Commission (SEC) has requested new written comments and opinions on a proposed rule change to allow issuers to list an ETF on the Bitcoin website.
- Blackrock, Fidelity and other Wall Street punters are awaiting the commission’s decision on their ETF filings.
- Ark Invest CEO Kathy Wood predicted delays in the Bloomberg TV show, adding a hint of simultaneous approvals in the future.
- Bitcoin price did not react to the news of the delay.
The US Securities and Exchange Commission (SEC) is calling for new public comment on the Ark 21Shares Bitcoin ETF application, delaying a decision on the filing as expected by ARK Invest CEO Cathy Wood.
Under standard procedure, the Securities and Exchange Commission (SEC) has 240 days to provide a final decision on the application after the review process has begun.
Stakeholders interested in contributing to the letter were urged to submit “written statements, viewpoints, and arguments” within a 21-day time frame. Back in June, the regulatory authority set out its intention to “approve or deny, or initiate proceedings to determine whether to deny” the application by the specified date of August 13.
“Pretty Standard,” Bloomberg’s Eric Balchonas said regarding the SEC’s request for public participation in the proposed rule change.
Cathy Wood, CEO of ARK Invest, predicted the delay, in an interview. “I think the SEC, if it’s going to approve a bitcoin ETF, is going to approve more than one at a time.” wood added Expect concurrent SEC approvals in the future.
8 Bitcoin ETFs in Operation
The SEC has received eight Bitcoin ETF applications including filings from BlackRock and Fidelity. It appears that issuers are in a race to grab the inaugural Bitcoin ETF, a product that would allow a large number of American investors to access Bitcoin without actually holding the cryptocurrency.
BlackRock CEO Larry Fink He saw consent as a matter of when, not if, hinting at consent to present his company in four to six months.
Historically, the Securities and Exchange Commission (SEC) has rejected Bitcoin ETF applications on the grounds of market manipulation and inadequate oversight. The prevailing rebuttal points to the approval of Bitcoin Futures ETFs, a similar product.