SEC Extends Deadline for Approving Ark Invest’s Bitcoin ETF

Alex Dovbnya

The SEC keeps dragging its feet on approving a spot-based Bitcoin ETF

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Tue, 12/07/2022 - 20:33

SEC Extends Deadline for Approving Ark Invest’s Bitcoin ETF

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The U.S. Securities and Exchange Commission has postponed a decision to approve the first spot Bitcoin exchange-traded fund, Reuters reports.

The agency will now have to decide whether or not it should greenlight Cathie Wood's Ark Invest and 21Shares’s joint ETF offering by August 30.

The commission needs a sufficient amount of time in order to weigh in on the aforementioned filing.

The postponement comes after the SEC rejected Grayscale’s attempt to convert its Bitcoin trust into an ETF, attracting the ire of the top cryptocurrency money manager.

As reported by U.Today, Grayscale took the agency to court over its snub.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.