- The SEC has postponed its decision on Ark 21Shares’ Bitcoin
spot ETF application.
- There are nine ETF applications pending, which the SEC could approve individually or all at once before 2024.
- A court decision on Grayscale’s lawsuit against the SEC could potentially pave the way for spot ETF applications to be approved before 2024.
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The SEC’s decision on the Bitcoin spot ETF application by Ark 21Shares has been delayed, with nine other ETF applications awaiting a decision. A court ruling on Grayscale’s case against the SEC could potentially expedite the approval of spot ETF applications before 2024.
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SEC’s Delayed Decision on Bitcoin Spot ETF Applications
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Last week, the Securities and Exchange Commission (SEC) decided to postpone its decision on Ark 21Shares’ Bitcoin spot ETF application. This was an anticipated move, but it has sparked speculation on social media that the next decision may not come until 2024. However, as pointed out by Bloomberg analyst James Seyffart, the SEC has nine ETF applications to consider before 2024. The SEC has the option to approve these applications individually or all at once.
Grayscale’s Lawsuit Against the SEC
Aside from the pending ETF applications, there’s another potential route for spot ETF approval. Grayscale, a digital currency asset manager, has filed a lawsuit against the SEC. The court’s decision on this case, expected to be announced this week, could have significant implications for spot ETF applications. If the court rules in favor of Grayscale, it could open the door for spot ETF applications to be approved before 2024.
Conclusion: The Future of Bitcoin Spot ETFs
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While the SEC has delayed its decision on Ark’s application, it’s important to note that the application was not rejected. The SEC can postpone this application until January 1, 2024, at the latest. All applications after BlackRock have been updated as per the SEC’s requirements. Therefore, the SEC would need to find a new reason (‘excuse’) to reject the application. This possibility has decreased after the BlackRock application, making the decision on January 1, 2024, very significant. However, as mentioned earlier, a court ruling this week could potentially pave the way for ETF approvals.