SEC pushes deadlines for ARK 21Shares, VanEck spot Ether ETF applications

The USA Securities and Trade Fee (SEC) has delayed reaching a choice on whether or not to approve or disapprove of spot Ether (ETH) exchange-traded fund purposes from ARK 21Shares and VanEck.

In separate notices filed Sept. 27, the SEC said it might designate an extended interval on whether or not to approve or disapprove of a proposed rule change that will enable listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Trade. The fee stated it had acquired no public feedback on both proposal and would push the deadlines for an additional delay or resolution to Dec. 25 and Dec. 26, respectively.

“The Fee finds it applicable to designate an extended interval inside which to take motion on the proposed rule change in order that it has adequate time to think about the proposed rule change and the problems raised therein,” stated the SEC.

The delay got here the identical day the Nasdaq Inventory Market filed a proposed rule change with the SEC for listing its mixed ETH ETF — a mixture of spot Ether holdings and futures contracts. Proposed rule adjustments with the New York Inventory Trade Arca for the Grayscale Ethereum Futures Belief and Hashdex Bitcoin Futures ETF, and the Cboe BZX Trade for the Franklin Bitcoin ETF had been additionally filed on Sept. 27.

The SEC introduced on Sept. 26 it might designate a longer period to succeed in a choice on spot Bitcoin (BTC) ETF purposes from ARK 21Shares and GlobalX. The fee filed the discover weeks forward of the following deadlines for each funding automobiles, pushing a last resolution on ARK 21Shares’ ETF to January.

And here is @vaneck_us‘ delay as anticipated https://t.co/uloOidbfd1 pic.twitter.com/i4Hhv5yhiR

— James Seyffart (@JSeyff) September 27, 2023

Associated: US lawmakers call on SEC chair to approve spot Bitcoin ETFs ‘immediately’

In August, ARK Funding Administration founder and CEO Cathie Wood speculated that ought to the SEC transfer ahead with spot ETF approvals, it could allow multiple listings concurrently to keep away from giving any single firm a bonus over one other out there. Her remarks got here previous to Grayscale Investments winning a court battle with the SEC over its spot Bitcoin ETF software, which can possible be reviewed.

Up to now, the SEC has by no means authorized a spot crypto ETF within the U.S. however has allowed the itemizing of crypto-linked futures ETFs in addition to a leveraged Bitcoin futures ETF. The following deadlines for spot crypto ETF purposes from companies together with BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise and Constancy are scheduled for October.

Journal: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis