By
Bena Ilyas
April 22nd, 2024
Upon approval from the SEC, the ARK 21Shares Bitcoin ETF will list on the Cboe BZX Exchange.
The US Securities and Exchange Commission (SEC) is delaying its decision on whether to approve or disapprove the ARK 21Shares Bitcoin exchange-traded fund (ETF). The ETF, which was originally proposed in July 2021, was to receive SEC’s response on the 2nd of February. However, the SEC has issued a filing on the 25th of January, revealing the window to approve or reject Bitcoin-related ETF from ARK 21Shares. According to the filings, the Commission is extending the window by an additional 60 days, to the 3rd of April.
The SEC assistant secretary, J. Matthew DeLesDernier, states the reason behind the Commission’s decision to delay the decision on the ARK 21Shares Bitcoin ETF. The assistant secretary said that:
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change, as modified by Amendment No. 1, so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1, and the issues raised in the comments that have been submitted in connection therewith.”
Upon approval from the SEC, the ARK 21Shares Bitcoin ETF will list on the Cboe BZX Exchange.
SEC Pushes Decision on ARK 21Shares BTC ETF and Teucrium Bitcoin Futures Fund
In a separate filing, the SEC also said it would be delaying its approval or rejection decision on the Teucrium Bitcoin Futures Fund. Agricultural fund provider Teucrium filed for its ETF tracking Bitcoin futures to list on NYSE Arca. Following the initial filing on the 23rd of July, the Commission designated a period to give a response. Within the extended period, the SEC could approve, disapprove, or institute proceedings to determine whether to approve or disapprove. On the 8th of November 2021. The regulator instituted proceedings to determine whether to approve or disapprove Teucrium’s filing.
Under the law, the Commission has 180 days, from the date the notice of filings is published, to issue an order that approves or disapproves the filing request. However, the SEC has the power to delay further by another 60 days. The 180th day after the date of publication of notice of filing is the 7th of February. On the other hand, the additional 60 days end on the 8th of April. DeLesDernier wrote in the filing:
“The Commission finds 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 in the comments that have been submitted in connection therewith.”
Earlier this year, Edelman Financial Engines founder Ric Edelman predicted that a Bitcoin-based ETF would come into existence this year. According to Edelman, many Americans are now familiar with Bitcoin, and that could see to the actualization of his prediction. Again, the Bitcoin bull added that the SEC has run out of excuses to delay a Bitcoin-based ETF.