ARK Make investments CEO and CIO Cathie Wooden stated on Aug. 7 that the SEC may approve a number of Bitcoin spot ETFs directly however will probably not achieve this by an upcoming deadline.
Wooden acknowledged 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 a couple of 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 recommended that the SEC may put all ETFs on a “widespread clock” and place all ETF functions on the identical stage.
Sometimes, the SEC would resolve on every utility primarily based on the order of submitting, however the present state of affairs options quite a few related functions.
ARK filed its utility for a spot Bitcoin ETF on Might 15. Later, BlackRock filed a extra distinguished utility 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 primarily based on equity quite 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 shouldn’t give any agency an unfair benefit or choose 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 throughout 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 stated a delay is probably going. Wooden particularly acknowledged that it’s probably that the deadline will “come and go” with out occasion.
Separate experiences from CNBC recommend that the SEC can delay deadlines for 240 days. Meaning the SEC may 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 accomplice 21Shares. The company rejected one in every of ARK’s functions in January 2023 and rejected one other in April 2022.
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