Ark Invest's Spot Bitcoin ETF Dangles As SEC Deadline Approaches
The Securities and Exchange Commission announced on Tuesday that it will make a decision on an ETF application that will track bitcoin's performance by mid-March. The SEC deadline is just a few days away.
The ETF, filed in September, will be the first fund that tracks crypto to be approved by the regulator. This will be the first bitcoin ETF since February 2018, when the SEC rejected an exchange-traded fund proposal from Cboe Global Markets.
Ark Invest's new proposal is another sign that investors are turning to bitcoin after the price dropped below $5,000 in recent weeks amid growing concerns about a government crackdown. and concerns about China's regulatory response to cryptocurrencies.
Ark Invest's proposal will be reviewed under Rule 19b-4 of the Securities Exchange Act of 1934, which allows any person or entity to request an expedited review of an application if they believe that the interests will be harmed without notice. In addition to concerns about market manipulation and cybercrime, some investors believe bitcoin could become too popular and disrupt other markets.
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