The United States Securities and Exchange Commission (SEC) has announced that it will take the maximum allowed time to reach a decision on a Bitcoin exchange-traded fund (ETF) proposal by ARK 21Shares. The SEC’s previous delay gave the regulator until November 11 to decide on the ETF. The SEC stated that it needs more time to consider the proposed rule change and the issues raised. This comes as the SEC also deferred a decision on a Bitcoin ETF offering from GlobalX, raising questions about the commission’s decision-making process.
The delay in deciding on the spot Bitcoin ETF applications from ARK 21Shares and GlobalX comes as a surprise, as the SEC typically files delays just a few days before a deadline. The extended deadline for ARK 21Shares is set for January 10, 240 days after the initial application was filed, while GlobalX’s deadline is November 21. This delay follows a letter from four U.S. Representatives urging the SEC to approve a spot Bitcoin ETF, accusing the commission of inconsistent and discriminatory standards in approving ETFs linked to crypto futures but not spot investment vehicles.
So far, the SEC has not approved any spot Bitcoin ETFs for listing on a U.S.-based exchange. Many experts speculated that the commission would reconsider pending ETF applications following its loss to Grayscale in court. Several major firms, including BlackRock and VanEck, have spot crypto ETF applications scheduled for October, with the SEC having the option to delay or extend these deadlines until March.