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SEC postpones spot ETF applications of these companies! SEC, indicated that it has postponed the outcome of ARK 21Shares’ spot ETF applications until January 10, 2024, and Global X Bitcoin Spot ETF application result until January 10, 2024.
▪️ In August, ARK CEO Cathie Wood stated in her announcement that “I think if the SEC decides to approve a Bitcoin ETF, it may tend to approve multiple ETFs at the same time.”
▪️The SEC has not approved any applications so far, and they rejected several Bitcoin ETF applications in the past weeks. Besides, it continues to review a series of spot Bitcoin ETF applications, including leading companies such as BlackRock, Fidelity, VanEck, and Invesco. ARK 21Shares Bitcoin ETF was a pioneer in this group.
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▪️ On the other hand, Grayscale Investments won its spot Bitcoin ETF lawsuit against the SEC. This means that the SEC should reconsider its spot Bitcoin ETF proposal, but does not finalize its approval. In this case, closer scrutiny of the SEC’s cryptocurrency regulations and ETF approval processes is expected.
▪️ The case won by Grayscale Investments against the SEC may require further discussion and review of regulations and ETF approval processes. Therefore, we are likely to see more progress and change in cryptocurrency and ETFs in the future.
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