The SEC has chosen to push back their decision on the proposed ARK 21Shares Bitcoin ETF until next year, with a new deadline of January 10.
According to a filing made on Tuesday, the Commission believes it is necessary to have more time to review the proposed rule change in order to make an informed decision.
This delay was announced just hours after a bipartisan group of legislators urged SEC Chair Gary Gensler to expedite the approval of a spot Bitcoin exchange-traded fund.
The SEC has also pushed back the decision on the proposed Global X Bitcoin Trust to November 21, indicating that there may be further delays for similar applications in the future.
In August, the regulator requested additional written comments on the proposed ARK Invest and 21Shares ETF, resulting in the initial August 13 deadline being extended.
At the time, Ark CEO Cathie Wood anticipated this delay, stating that she believed the SEC would approve multiple bitcoin ETFs at once rather than just approving one.
The SEC is currently reviewing numerous other applications for spot bitcoin ETFs from well-known companies such as BlackRock, Fidelity, VanEck, and Invesco.
