SEC Extends Window to Decide ARK 21Shares Bitcoin ETF Spot to August

J. Matthew DeLesDernier, deputy secretary of the SEC, said it was extended to allow "sufficient time to review the proposed rule change and the issues raised therein".

The United States Securities and Exchange Commission has extended the deadline to approve or disapprove ARK's 21Shares bitcoin exchange-traded fund to August 30.

According to a filing filed Tuesday by the SEC, the regulator has extended the deadline for approval or disapproval of the ETF ARK 21Shares spot Bitcoin (BTC) from July 16 for an additional 45 days to August 30. The application, originally filed with the SEC in May and published for comment in the Federal Register on June 1, included a proposal to amend the rules of the Chicago Board Options Exchange BZX Exchange.

Ark Invest partnered with Europe-based ETF issuer 21Shares to file an application for a Bitcoin ETF listed on the CBOE BZX Exchange in 2021, but the SEC rejected its application in April. Under current rules, the regulator is able to delay its decision and open the investment offering to public comment for up to 180 days, suggesting the SEC could provide a final response of by January 2023.

In the Notice of Designation of a Longer Term, SEC Assistant Secretary J. Matthew DeLesDernier said he chose an extension to allow "sufficient time to consider the proposed rule change. and the issues raised therein. The SEC has never approved an ETF with direct exposure to crypto but has given the green light to investment vehicles tied to BTC futures...