The SEC has delayed its determination on the ARK 21Shares Bitcoin ETF determination to early 2024.
Additionally delayed is the World X Bitcoin Belief utility.
Analysts count on the regulator to delay different proposals amid the probability of a US authorities shutdown.
The Securities and Trade 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 World X Bitcoin Belief utility to November 21.
Information of the delays has elicited numerous reactions from the crypto business, with many observing that the regulator will now probably delay all the opposite purposes to subsequent 12 months. 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 might be delayed
In a submitting detailing the delay, the SEC notes that it wants “adequate time to contemplate the proposed rule change.”
However what’s notable in regards to 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 counsel they might postpone these too.
“This will put the hammer down for any hopes of an ETF approval this 12 months? In the event that they went on Ark/21 shares already, we may even see delays on all the opposite filings at the moment too? BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Constancy & Valkyrie [were] all due in mid Oct,” Seyffart opined in a put up on X.
A looming US authorities shutdown makes the probability of this state of affairs unfolding extremely attainable. 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 at the moment.
No spot Bitcoin ETF but
The SEC’s discover got here a number of hours after a bunch 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 courtroom’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 assessment, 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.
