Bitcoin price unchanged as SEC seeks public comments on Ark spot ETF application Bitcoin price unchanged as SEC seeks public comments on Ark spot ETF application
Bitcoin's price remained largely unchanged despite the SEC's latest action.
2 min read
Updated: Aug. 11, 2023 at 7:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Ark 21Shares spot Bitcoin’s (BTC) ETF application.
Earlier today, the financial regulator asked for public comments, including written data, views, and arguments, on the Ark’s BTC application within the next three weeks.
In the notice, the SEC asked the public to comment on whether Bitcoin Spot ETFs are vulnerable to manipulation, whether the Chicago Mercantile Exchange (CME ) represents a regulated market of significant size related to spot BTC trades, views on the surveillance sharing agreement (SSA) with Coinbase, and whether the Bitcoin market resists manipulation.
‘Delay was expected’
Speaking on the SEC notice, Bloomberg Intelligence analyst James Seyffart described it as a “standard delay letter” with nothing much to it.
Nate Geraci, co-founder of the ETF Institute, observed that the SEC acknowledged the Coinbase SSA, albeit with some reservations. He speculated that the conclusive outcome of the applications might hinge on both the court’s ruling in the Grayscale lawsuit and the regulator’s assessment of Coinbase SSA’s adequacy.
Ark CEO Cathie Wood had anticipated the delay. In an interview with Bloomberg, she said the financial watchdog would “approve more than one [ETF application] at once.”
The investment management firm submitted its ETF listing application in May, providing the SEC a window of up to 240 days to decide. The financial watchdog has a history of delaying spot ETF applications and has outrightly rejected previous applications from various firms.
However, several market observers have opined that there was an increased chance that the regulator might finally approve a spot ETF after it received an avalanche of applications from several traditional financial institutions, including BlackRock, in June.
Meanwhile, news of the SEC’s latest action has left the flagship digital asset unchanged as it was trading at $29,344 after a mild decline of 0.03% in the last 24 hours, according to CryptoSlate’s data.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
News Desk
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Latest US Stories
Latest Bitcoin Stories
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Cathie registered ARK Investment Management LLC (โARKโ) as an investment adviser with the U.S.
