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(Reuters) – The U.S. Securities and Alternate Fee (SEC) has delayed a call on whether or not to approve Cathie Wooden-led Ark Funding Administration’s (ARK) spot bitcoin exchange-traded fund (ETF), a submitting by the regulator confirmed on Friday.
The SEC is looking for public touch upon the Ark 21Shares ETF utility, and has pushed again the choice date by a number of weeks to doubtlessly months. It was beforehand attributable to decide by Aug. 13.
The regulator has in recent times rejected dozens of functions for spot bitcoin ETFs, publicly traded funding autos that straight monitor bitcoin value, citing insufficient stage of buying and selling surveillance that might go away the underlying spot market topic to fraud and manipulation.
Nonetheless, futures-based bitcoin ETFs that monitor the worth of bitcoin futures contracts have been allowed by regulators since October 2021.
Curiosity from main monetary establishments has helped revive the crypto markets in current months that had been within the doldrums after a sequence of high-profile corporations collapsed final yr together with Sam Bankman-Fried’s FTX.
In June, BlackRock (NYSE:), the world’s largest asset supervisor, additionally filed for a bitcoin ETF, a transfer that many seen as a gamechanger for the business.
In 2021, Wooden’s ARK and crypto funding agency 21Shares US LLC had first teamed as much as file an utility for a spot bitcoin ETF with the regulator.