The SEC has today extended its review of the Ark 21Shares Bitcoin exchange-traded fund (ETF) application, as other applications from the likes of Fidelity, Invesco and BlackRock are still up for consideration.
In a standard move, the SEC published an order calling for public input on the Ark application, which will push any definitive answer by another few weeks.
The SEC has 240 days from the start date to make a final confirmation. The SEC allows the public 21 days to chime in on the paperwork, with another five weeks to reply to those initial comments.
According to the SEC: “The regulated market of significant size test does not require that the spot bitcoin market be regulated in order for the Commission to approve this proposal, and precedent makes clear that an underlying market for a spot commodity or currency being a regulated market would actually be an exception to the norm.”
“The Exchange believes that this proposal is consistent with the requirements of Section 6(b)(5) of the Act, that this filing sufficiently demonstrates that the CME Bitcoin Futures market represents a regulated market of significant size, and that on the whole the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by investor protection issues that would be resolved by approving this proposal,” the filing added.
ARK Investment Management is one of several companies in the States seeking a spot crypto ETF listed on a regulated exchange. Heavy-hitter BlackRock asset management filed an application last month, while Invesco, Valkyrie, Fidelity Investments and WisdomTree have all sent in their requests for a spot Bitcoin ETF with the SEC.