CNBC has reported that the U.S. securities regulator is now expected to deliver its ruling on whether or not it will permit Ark, run by Cathie Wood, to launch its spot Bitcoin exchange-traded fund by Aug. 13 — less than a week from now.
Several other funds that have filed to launch a similar product are BlackRock, VenEck, Bitwise, etc.
The application of Cathie Wood's company was first published in the middle of May, and the SEC told her company to wait until Aug. 13. Still, the regulator has the power to prolong the deadline for 240 days maximum, in this particular case making the maximum possible date Jan. 10, 2024, and until March for other funds that applied to launch their spot Bitcoin ETFs after BlackRock.
BlackRock initially filed its request on July 19, and the SEC can push the decision to as far as March 16 next year. The same goes for Fidelity.
The expectations of the financial community as to whether any spot Bitcoin ETF would be approved any time soon are divided. Many in the crypto and financial communities reckon that now is the right time for this, while others remain skeptical and believe that SEC boss Gensler is opposed to Bitcoin spot ETFs.
However, the regulator has already approved many Bitcoin futures ETFs by now.