The United States Securities and Exchange Commission has delayed a decision on approving or disapproving the spot Bitcoin exchange-traded fund proposed by ARK Investment Management.a 21-day comment period for the ARK 21Shares Bitcoin ETF to the public following publication in the Federal Register, the latest delay for the regulator determining whether to approve or disapprove of a spot crypto ETF in the United States.
For a listing on the Cboe BZX Exchange — ARK Investment Management’s aim — an applicant must provide evidence of a “comprehensive surveillance-sharing agreement in place with a regulated market of significant size.” The SEC has previously, claiming they would not be “designed to prevent fraudulent and manipulative acts and practices” or protect investors.
“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 SEC said on Aug. 11.
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