SEC delays determination on ARK Make investments Bitcoin ETF

• The SEC has delayed its determination on the ARK 21Shares Bitcoin ETF determination to early 2024.
• Additionally delayed is the International X Bitcoin Belief utility.
• Analysts count on the regulator to delay different proposals amid the chance of a US authorities shutdown.

The Securities and Change Fee (SEC) has but once more delayed a choice on the ARK 21Shares Bitcoin ETF utility, pushing this to early 2024. The SEC additionally delayed the International X Bitcoin Belief utility to November 21.

Information of the delays has elicited varied reactions from the crypto business, with many observing that the regulator will now possible delay all the opposite purposes to subsequent yr. Bloomberg ETF analyst James Seyffart shared information of the SEC’s determination on X.

UPDATE: Wow. The SEC simply got here out SUPER early and delayed the @ARKInvest / @21Shares #Bitcoin ETF submitting. This factor wasn’t due for a choice till Nov 11.

Additionally delaying the @GlobalXETFs utility which was due Oct 7. pic.twitter.com/7DiBq1h4Ef

— James Seyffart (@JSeyff) September 26, 2023

Different spot ETF purposes may very well be delayed

In a submitting detailing the delay, the SEC notes that it wants “enough time to think about the proposed rule change.”

However what’s notable concerning the Fee’s motion is that the choice to delay has come a lot sooner than anticipated – this was not due till November 11. A number of different proposals, together with these of BlackRock and Constancy have been due for a choice in mid-October, and the company’s transfer seems to recommend they might postpone these too. 

“This could put the hammer down for any hopes of an ETF approval this yr? In the event that they went on Ark/21 shares already, we might even see delays on all the opposite filings immediately too? BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Constancy & Valkyrie [were] all due in mid Oct,” Seyffart opined in a submit on X.

A looming US authorities shutdown makes the chance of this state of affairs unfolding extremely doable. It’s one of many issues SEC Chair Gary Gensler might need to elaborate on when he seems earlier than the Home Committee on Monetary Providers later immediately.

No spot Bitcoin ETF but

The SEC’s discover got here a couple of hours after a gaggle of US lawmakers urged the regulator to “instantly” enable a spot bitcoin ETF. It follows final month’s delay on all of the spot bitcoin ETF proposals, and a US court docket’s determination quashing the regulator’s rejection of the Grayscale Investments’ utility to transform its Bitcoin Belief (GBTC) fund to a spot bitcoin ETF.

As CoinJournal highlighted right here, August’s determination by the US Courtroom of Appeals for the District of Columbia Circuit granted Grayscale’s petition for a evaluation, with the SEC ordered to rethink Grayscale’s utility.  SEC had 45 days to hunt an “en banc” attraction, which places the deadline for such a transfer to October 13.