SEC Required to Say ‘Yes’ or ‘No’ to Cathie Wood’s Ark Bitcoin ETF within Week

08/07/2023 21:03

The deadline for SEC’s decision on the Bitcoin ETF application made by Ark draws near

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CNBC has reported that the US securities regulator is now expected to deliver its ruling on whether or not it will permit Ark run by Cathie Wood to launch its spot Bitcoin exchange-traded fund by August 13 – less than a week from now.

Several other funds that have filed for launching a similar product are BlackRock, VenEck, Bitwise, etc.

The application of Cathie Wood’s company was first published in the middle of May and the SEC told them to wait until August 13 straight away. Still, the regulator has the power to prolong the deadline for 240 days maximum, in this particular case the maximum possible date is January 10, 2024, and until March for other funds that applied for launching their spot Bitcoin ETFs after BlackRock.

BlackRock initially filed its request on 19 July and the SEC can push the making of the decision as far as March 16 next year. The same goes for Fidelity.

The expectations of the financial community as to whether any spot Bitcoin ETF would be approved any time soon have divided. Many in the crypto and financial communities reckon that now is the right time for this, others remain skeptical and believe that the SEC boss Gensler is opposed to Bitcoin spot ETFs.

However, the regulator has already approved many Bitcoin futures ETFs by now.