- The SEC on Tuesday again postponed making a decision on the approval of a spot bitcoin ETF.
- Regulators deferred a decision to approve a fund from ARK and 21 Shares.
The Securities and Exchange Commission this week delayed its decision on the approval of a spot bitcoin ETF once again, opting to postpone making a call on a bitcoin fund from ARK Invest and 21 Shares.
That move is third such delay of the proposed ETF from Cathie Wood's ARK Invest and crypto-focused exchange-traded products issuer 21 Shares.
The two firms originally filed to launch the ETF in April, and after the latest deferral, were anticipating a decision by November 11. Now, the SEC will now give itself until January 10 to make a decision on the fund, according to documents filed by the regulator.
The delayed ruling also raises the stakes for other companies looking to get approval for a spot ETF. BlackRock and Fidelity are still waiting on a decision from the SEC, while GlobalX, the exchange-traded funds provider that proposed a bitcoin ETF in August, also had approval for its fund application delayed on Tuesday.
Lawmakers have pushed for the SEC to approve a spot bitcoin ETF sooner rather than later. In a letter sent to SEC chief Gary Gensler on Tuesday, four members from the House Financial Services Committee argued that such an investment vehicle is no different from other crypto futures ETFs that regulators have already signed off on.
Still, Gensler has looked to set a precedent for tighter regulation of the crypto industry, particularly in the wake of FTX's collapse in late 2022. This year, he's entered into legal fights with other big-name platforms, like Binance and Coinbase and warned markets this summer that the sector was still "rife with fraud."