SEC takes maximum time allowed to decide on Bitcoin ETF
The United States Securities and Exchange Commission (SEC) is extending its decision deadline on a spot Bitcoin exchange-traded fund (ETF) offered by ARK 21Shares. The SEC has chosen to designate a longer period to consider the proposed rule change, giving itself until January 10, 2024, to approve or disapprove the ETF.
Uncertainty over SEC's decision timeline
The SEC's decision to extend the deadline 45 days ahead of schedule raises questions about its reasoning. Typically, the regulator waits until just a few days before a deadline to file a delay. However, this delay allows the SEC an additional 60 days to review and consider ARK 21Shares' offering before making a final decision.
SEC states need for more time to evaluate
The SEC stated that it designated a longer period to issue an order on the proposed rule change in order to thoroughly review the matter and the issues raised. This decision provides the SEC with sufficient time to consider the spot Bitcoin ETF offering and its potential impact on the market.
This is a developing story, and more information will be provided as it becomes available.
