The U.S. Securities and Exchange Commission (SEC) has announced a delay in the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) filing, which may decrease the likelihood of a spot ETF approval in 2023. The SEC is requesting a longer period for any action on the proposed rule change, which was originally due on November 11, 2023. This decision was made just in time before the SEC Chair Gary Gensler's hearing before the Financial Services Committee on September 27, 2023. Franklin Templeton recently joined the list of financial companies seeking approval for the first-ever spot BTC ETF in the United States, but they have yet to file the 19b-4, a key step in the approval process.
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SEC Delays ARK Invest 21Shares Spot Bitcoin ETF Filing, Narrowing Chances of Approval in 2023
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The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.
The US Securities and Exchange Commission has returned the S-1 form to the potential Ethereum ETF issuer with some comments, asking them to address the issues and resubmit. Sources say that at least one more round of review is needed before these measures can take effect. The issuer has reportedly been asked to address these comments and resubmit before July 8th. Sources note that this will not be the final declaration after the form is returned, meaning that at least one more declaration is needed before the ETF can begin trading.
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