SEC's Decision on Ark's Bitcoin ETF Application Imminent

The Securities and Exchange Commission (SEC) is required to make a decision on ARK's application for a bitcoin exchange-traded fund (ETF) by August 13. Eight other organizations, including BlackRock, Bitwise, VanEck, and WisdomTree, have also filed applications for spot bitcoin ETFs. The SEC can extend the deadline to a maximum of 240 days, potentially delaying a final response until January 2024 for ARK's application and March 2024 for the others. Supporters argue that if a bitcoin ETF is approved, all applications should be approved simultaneously. The current applications include a "surveillance sharing" agreement with exchanges to reduce market manipulation. Many believe the SEC will not act unless forced to do so, and a court case between Grayscale and the SEC is seen as a potential catalyst for action. While some are doubtful, others believe the environment is changing, with recent approvals of leveraged bitcoin ETFs and a rush of applications for ethereum futures ETFs. Regardless, most observers expect the SEC to further delay making a decision.