The US Securities and Exchange Commission (SEC) has taken the maximum time the regulator allows to make a decision on an ARK 21Shares spot Bitcoin (BTC) exchange-traded fund (ETF).
In an announcement on Sept. 26, the SEC said it will designate a longer time to decide whether to approve or disapprove the proposed rule change that would allow the ARK 21Shares Spot BTC ETF on the Cboe BZX Exchange. The commission’s previous delay on August 11 gave the regulator until November 11 to decide whether to approve, disapprove or postpone a decision again.
It is not clear why the SEC decided to appoint a longer time to determine the fate of the Bitcoin Spot ETF 45 days before the deadline. The regulator usually waits until several days before any deadline to file a waiver. With an additional 60 days to consider the ARK 21Shares offer, the SEC’s final deadline is January 10, 240 days after the application was filed in May 2023.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change ( …) and the issues it raises.” , the SEC said.