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ARK Make investments CEO and CIO Cathie Wooden mentioned on Aug. 7 that the SEC may approve a number of Bitcoin spot ETFs directly however will seemingly not achieve this 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 directly….most of those basically would be the identical, and it’ll come right down to advertising [and] speaking the message.”
Earlier than Wooden’s response, Bloomberg interviewers advised that the SEC may put all ETFs on a “widespread clock” and place all ETF functions on the identical degree.
Usually, the SEC would resolve on every software based mostly on the order of submitting, however the present state of affairs options quite a few related functions.
ARK filed its software for a spot Bitcoin ETF on Might 15. Later, BlackRock filed a extra outstanding software on June 15, which led a number of different corporations 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 keeping with these different functions.
Others have advocated for simultaneous Bitcoin ETF approvals based mostly 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 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 in the course of the interview, Wooden described U.S. legislators’ makes an attempt to problem the SEC as a motive for optimism towards pending ETF proposals.
Choice by Aug. 13 is unlikely
Primarily based on present deadlines, the SEC should approve or reject ARK’s software by Aug. 13. Nevertheless, Bloomberg interviewers and Wooden each mentioned a delay is probably going. Wooden particularly said that it’s seemingly that the deadline will “come and go” with out occasion.
Separate reviews from CNBC counsel that the SEC can delay deadlines for 240 days. Meaning the SEC may postpone a choice on ARK’s software till January 2024 and delay choices 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 accomplice 21Shares. The company rejected one among ARK’s functions in January 2023 and rejected one other in April 2022.
The submit ARK Make investments’s Cathie Wooden expects delayed Bitcoin ETF choice, however predicts a number of approvals afterwards appeared first on CryptoSlate.
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