The SEC gave it an additional 60 days to consider listing ARK 21Shares’ investment vehicle on the Cboe BZX Exchange. In this regard, the regulatory body has determined January 10 as the deadline. On the other hand, a Bloomberg analyst revealed a missing piece in Franklin’s Bitcoin ETF race.
SEC surprisingly postponed Ark’s spot Bitcoin ETF decision!
The United States Securities and Exchange Commission (SEC) is using the maximum regulatory deadline to reach a decision on the spot Bitcoin exchange-traded fund (ETF) offered by ARK 21Shares. In a Sept. 26 filing, the SEC said it would set a longer deadline for whether to approve a proposed rule change that would allow ARK 21Shares’ spot BTC ETF on the Cboe BZX Exchange. The commission’s previous adjournment on August 11 had given the regulator until November 11 to decide whether to approve, disapprove or postpone again.
The SEC set a longer deadline for spot Bitcoin ETF decision, 45 days before the deadline. It is not clear why he made this decision so early, when there was such a long period of time. The regulator usually waited until a few days before the deadline to apply for a deferment. ARK took an additional 60 days to evaluate 21Shares’ offer. Now the SEC deadline will be January 10. Therefore, the decision was made 240 days after ARK 21Shares’ application in May 2023. SEC made the following statement regarding the issue:
Commission recommends proposed rule change […] and finds that in order to have sufficient time to consider the issues raised herein, it is appropriate to establish a longer period for issuing an order approving or disapproving the proposed rule change.
The missing piece in Franklin’s ETF filing
cryptokoin.comAs you follow from , Franklin, a top investment management firm, filed a prospectus on September 12 signaling its intention to launch a Bitcoin ETF product. However, Bloomberg analyst James Seyffart noted that Franklin has not yet filed the 19b-4 form. This shows that an important step is missing in the approval process. This led Seyffart to question what might be delaying the process.
James Seyffart’s post sparked a sense of intrigue within the crypto community. The race to launch the first Bitcoin ETF product is on. Therefore, Franklin’s approach and the reasons behind the 19b-4 deficiency have become the subject of speculation and debate. Seyffart shared the following on his X account:
Interesting (at least to me): Franklin entered the Bitcoin ETF race by submitting a prospectus on September 12th. But they still haven’t filed the 19b-4 filing that would start the clock with the SEC. What are they waiting for???
Interesting (to me at least): Franklin (@FTI_US) kinda entered the #Bitcoin ETF race on Sept 12 when they filed a prospectus but they still haven’t filed a 19b-4 which is what actually gets the clock started with the SEC. What are they waiting for???🤔 pic.twitter.com/VlOOcZAVUM
— James Seyffart (@JSeyff) September 26, 2023
Meanwhile, in the race for the US SEC to approve the first Bitcoin ETF product, companies such as VanEck, Grayscale and BlackRock are at the forefront. These firms each have a unique approach to investing in Bitcoin through ETFs. They prepared various proposals in this direction. However, the SEC has not yet approved any of these proposals. The regulator cites concerns about market manipulation and investor protection.
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