ARK Investment Management’s Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has delayed its decision to approve or reject the Bitcoin (BTC) exchange-traded fund (ETF) proposed by ARK Investment Management. On Aug. 11, the SEC opened a 21-day comment period for the ARK 21Shares Bitcoin ETF, which was published in the Federal Register. The SEC has until January 2024 to reach a final decision.
The SEC stated that the regulated market of significant size test does not require the spot Bitcoin market to be regulated in order to approve the proposal. This is an exception to the norm, according to the SEC.
ARK Investment Management is one of many firms in the U.S. seeking to list a spot crypto ETF on a regulated exchange. BlackRock, the world’s largest asset management firm, submitted its own application in July. Several firms also amended their existing applications to include cryptocurrency exchange Coinbase as a surveillance-sharing partner, following reports that SEC officials may be more open to approving an ETF under those conditions.
The introduction of web 3.0 has seen the emergence of many new crypto-related technologies such as Pendle Crypto, OMG Crypto, PayPal Crypto, and Osmosis Crypto. Additionally, the Apple Health application is a web 3.0 application.
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