ARK Make investments CEO and CIO Cathie Wooden mentioned on Aug. 7 that the SEC might approve a number of Bitcoin spot ETFs without delay however will doubtless not accomplish that by an upcoming deadline.
Wooden acknowledged throughout an interview with Bloomberg:
“I believe the [U.S. Securities and Exchange Commission], if it’s going to approve a Bitcoin ETF, will approve multiple without delay….most of those basically would be the identical, and it’ll come all the way down to advertising and marketing [and] speaking the message.”
Earlier than Wooden’s response, Bloomberg interviewers advised that the SEC might put all ETFs on a “widespread clock” and place all ETF functions on the identical degree.
Sometimes, the SEC would determine on every utility based mostly on the order of submitting, however the present state of affairs options quite a few comparable functions.
ARK filed its utility for a spot Bitcoin ETF on Might 15. Later, BlackRock filed a extra distinguished utility on June 15, which led a number of different corporations to file functions. ARK then up to date its personal submitting on the finish of June so as to add a surveillance-sharing settlement with Coinbase in step with these different functions.
Others have advocated for simultaneous Bitcoin ETF approvals based mostly on equity fairly than similarities between functions. Grayscale, which is exclusive in that it goals to transform its current GBTC fund to an ETF, argues that the SEC shouldn’t give any agency an unfair benefit or choose winners and losers by approving particular functions first.
Wooden famous that ARK was an early investor in Grayscale’s GBTC fund however couldn’t state whether or not the corporate would promote its GBTC holdings if that ETF conversion occurred.
Additionally in the course of the interview, Wooden described U.S. legislators’ makes an attempt to problem the SEC as a cause for optimism towards pending ETF proposals.
Determination by Aug. 13 is unlikely
Based mostly on present deadlines, the SEC should approve or reject ARK’s utility by Aug. 13. Nonetheless, Bloomberg interviewers and Wooden each mentioned a delay is probably going. Wooden particularly acknowledged that it’s doubtless that the deadline will “come and go” with out occasion.
Separate experiences from CNBC counsel that the SEC can delay deadlines for 240 days. Meaning the SEC might postpone a choice on ARK’s utility till January 2024 and delay choices relating to different spot Bitcoin ETFs till March 2024.
The SEC has rejected all spot Bitcoin ETFs proposed, together with earlier functions from ARK and its accomplice 21Shares. The company rejected one in every of ARK’s functions in January 2023 and rejected one other in April 2022.
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