Bitcoin price unchanged as SEC seeks public comments on Ark spot ETF application

The U.S. Securities and Exchange Commission (SEC) has delayed its determination connected the Ark 21Shares spot Bitcoin’s (BTC) ETF application.

Earlier today, the fiscal regulator asked for nationalist comments, including written data, views, and arguments, connected the Ark’s BTC exertion wrong the adjacent 3 weeks.

In the notice, the SEC asked the nationalist to remark connected whether Bitcoin Spot ETFs are susceptible to manipulation, whether the Chicago Mercantile Exchange (CME ) represents a regulated marketplace of important size related to spot BTC trades, views connected the surveillance sharing agreement (SSA) with Coinbase, and whether the Bitcoin marketplace resists manipulation.

‘Delay was expected’

Speaking connected the SEC notice, Bloomberg Intelligence expert James Seyffart described it arsenic a “standard hold letter” with thing overmuch to it.

Nate Geraci, co-founder of the ETF Institute, observed that the SEC acknowledged the Coinbase SSA, albeit with immoderate reservations. He speculated that the conclusive result of the applications mightiness hinge connected some the court’s ruling successful the Grayscale lawsuit and the regulator’s appraisal of Coinbase SSA’s adequacy.

Ark CEO Cathie Wood had anticipated the delay. In an interrogation with Bloomberg, she said the fiscal watchdog would “approve much than 1 [ETF application] astatine once.”

The concern absorption steadfast submitted its ETF listing exertion successful May, providing the SEC a model of up to 240 days to decide. The fiscal watchdog has a past of delaying spot ETF applications and has outrightly rejected erstwhile applications from assorted firms.

However, respective marketplace observers person opined that determination was an accrued accidental that the regulator mightiness yet o.k. a spot ETF aft it received an avalanche of applications from respective accepted fiscal institutions, including BlackRock, successful June.

Meanwhile, quality of the SEC’s latest enactment has near the flagship integer plus unchanged arsenic it was trading astatine $29,344 aft a mild diminution of 0.03% successful the past 24 hours, according to CryptoSlate’s data.

The station Bitcoin terms unchanged arsenic SEC seeks nationalist comments connected Ark spot ETF application appeared archetypal connected CryptoSlate.