- The application for ARK was made in mid-May, which means that the deadline for SEC’s decision is August 13.
- Since August 13 falls on a Sunday, it is expected that the regulator will make a decision on this matter by the end of today, Friday, August 11.
- As reported by COINOTAG, the securities regulator announced on July 12 that it needs more time to review the Ark Bitcoin spot ETF application.
SEC may make a decision today regarding Cathie Wood’s ARK Invest’s spot Bitcoin ETF due to the unsuitability of August 13.
Decision on ARK’s ETF Application May Come Today
Economist Alex Kruger commented on the possible direction of the cryptocurrency market’s price movement following the SEC’s decision or lack thereof regarding the Bitcoin spot ETF application made by Ark Invest. Kruger responded to Bloomberg analyst James Seyffart’s latest tweet about the SEC decision on Cathie Wood’s Ark Invest and 21 Shares’ Bitcoin spot ETF applications.
The application was made in mid-May, which means that the deadline for SEC’s decision is August 13. However, since this date falls on a Sunday, it is expected that the regulator will make a decision on this matter by the end of today, Friday, August 11.
SEC needs to announce its approval/rejection/deferral decision for ARK Invest spot #Bitcoin ETF on August 13, but due to it falling on a Sunday, the decision is expected to be announced today. pic.twitter.com/pdYWYJLAVX
— COINOTAG (@coinotag) August 11, 2023
Alex Kruger stated in his post that whether the SEC approves, rejects, or requests additional time to review the Bitcoin ETF application, it won’t be significant for Bitcoin. This is an observation made by the economist.
As reported by COINOTAG, the securities regulator announced on July 12 that it needs more time to review the Ark Bitcoin spot ETF application.
SEC Approves Leveraged ETFs but Opposes Spot ETFs
Although the SEC has approved several Bitcoin futures ETFs in recent years, it actively opposes the emergence of Bitcoin spot exchange-traded funds. After rejecting Grayscale’s Bitcoin fund conversion application to an ETF, the company is hoping to achieve its goal in court by filing a lawsuit against the regulator.
Among other financial giants that have applied to establish spot BTC ETFs are the world’s largest asset manager BlackRock, Fidelity, VanEck, Bitwise, and several others. Cathie Wood believes that the SEC could approve several spot Bitcoin ETFs simultaneously.
