ARK Make investments CEO and CIO Cathie Wood stated on Aug. 7 that the SEC may approve a number of Bitcoin spot ETFs without delay however will probably not accomplish that by an upcoming deadline.
Wooden said throughout an interview with Bloomberg:
“I feel the [U.S. Securities and Exchange Commission], if it’s going to approve a Bitcoin ETF, will approve multiple without delay….most of those primarily would be the similar, and it’ll come all the way down to advertising and marketing [and] speaking the message.”
Earlier than Wooden’s response, Bloomberg interviewers urged that the SEC may put all ETFs on a “frequent clock” and place all ETF functions on the identical stage.
Usually, the SEC would resolve on every utility primarily based on the order of submitting, however the present scenario options quite a few comparable functions.
ARK filed its utility for a spot Bitcoin ETF on Could 15. Later, BlackRock filed a extra distinguished utility on June 15, which led a number of different corporations to file functions. ARK then updated its own filing on the finish of June so as to add a surveillance-sharing settlement with Coinbase in keeping with these different functions.
Others have advocated for simultaneous Bitcoin ETF approvals primarily based on equity somewhat 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 decide 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 purpose for optimism towards pending ETF proposals.
Resolution by Aug. 13 is unlikely
Primarily based on present deadlines, the SEC should approve or reject ARK’s utility by Aug. 13. Nevertheless, Bloomberg interviewers and Wooden each stated a delay is probably going. Wooden particularly said that it’s probably that the deadline will “come and go” with out occasion.
Separate studies from CNBC counsel that the SEC can delay deadlines for 240 days. Meaning the SEC may postpone a choice on ARK’s utility till January 2024 and delay selections 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 associate 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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