ARK Make investments CEO and CIO Cathie Wooden mentioned on Aug. 7 that the SEC might approve a number of Bitcoin spot ETFs directly however will doubtless not accomplish that by an upcoming deadline.
Wooden said 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 directly….most of those primarily would be the identical, and it’ll come right down to advertising [and] speaking the message.”
Earlier than Wooden’s response, Bloomberg interviewers recommended that the SEC might put all ETFs on a “frequent clock” and place all ETF functions on the identical degree.
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 outstanding utility on June 15, which led a number of different companies 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 primarily based on equity moderately than similarities between functions. Grayscale, which is exclusive in that it goals to transform its present GBTC fund to an ETF, argues that the SEC mustn’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 through the interview, Wooden described U.S. legislators’ makes an attempt to problem the SEC as a purpose 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 said that it’s doubtless that the deadline will “come and go” with out occasion.
Separate studies from CNBC recommend that the SEC can delay deadlines for 240 days. Meaning the SEC might postpone a call on ARK’s utility till January 2024 and delay selections concerning 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 certainly one of ARK’s functions in January 2023 and rejected one other in April 2022.
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