ARK Make investments CEO and CIO Cathie Wooden mentioned on Aug. 7 that the SEC may approve a number of Bitcoin spot ETFs without delay however will doubtless 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 multiple without delay….most of those primarily would be the identical, and it’ll come right down to advertising and marketing [and] speaking the message.”
Earlier than Wooden’s response, Bloomberg interviewers recommended that the SEC may put all ETFs on a “frequent clock” and place all ETF purposes on the identical stage.
Sometimes, the SEC would resolve on every software primarily based on the order of submitting, however the present scenario options quite a few related purposes.
ARK filed its software for a spot Bitcoin ETF on Could 15. Later, BlackRock filed a extra distinguished software on June 15, which led a number of different corporations to file purposes. ARK then up to date its personal submitting on the finish of June so as to add a surveillance-sharing settlement with Coinbase according to these different purposes.
Others have advocated for simultaneous Bitcoin ETF approvals primarily based on equity fairly than similarities between purposes. Grayscale, which is exclusive in that it goals to transform its current GBTC fund to an ETF, argues that the SEC shouldn’t give any agency an unfair benefit or decide winners and losers by approving particular purposes 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 in the course of 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
Primarily based on present deadlines, the SEC should approve or reject ARK’s software by Aug. 13. Nevertheless, Bloomberg interviewers and Wooden each mentioned a delay is probably going. Wooden particularly acknowledged that it’s doubtless that the deadline will “come and go” with out occasion.
Separate reviews from CNBC counsel that the SEC can delay deadlines for 240 days. Which means the SEC may postpone a choice on ARK’s software till January 2024 and delay selections relating to different spot Bitcoin ETFs till March 2024.
The SEC has rejected all spot Bitcoin ETFs proposed, together with earlier purposes from ARK and its accomplice 21Shares. The company rejected certainly one of ARK’s purposes in January 2023 and rejected one other in April 2022.
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