ARK’s Cathie Wood expects multiple Bitcoin ETFs to be approved at once
- Wooden thinks latest actions of the SEC signaled a change in its angle.
- This transformation in angle may be attributed to the latest court docket judgement within the SEC vs Grayscale Investments case.
ARK Make investments CEO Cathie Wooden is optimistic about a number of spot Bitcoin [BTC] exchange-traded funds (ETFs) being accredited by the U.S. Securities and Alternate Fee (SEC). In a latest interview with CNBC, Wooden talked about ETF purposes and the SEC’s altering angle amongst different issues.
Wooden confirmed that ARK Make investments has responded to the regulating physique’s request for details about its Bitcoin ETF submitting.
“It was publicized and disclosed final week that we had responded to the SEC’s request for info round our Bitcoin submitting, and we responded. That’s mainly all we are able to say.”
Despite the fact that the regulator didn’t ask for it, ARK, together with 21Shares, nonetheless submitted an amended joint utility.
The pair first filed for a joint spot Bitcoin ETF in 2021. Since then, the SEC has repeatedly denied all of its purposes.
Wooden added that latest actions on behalf of the SEC signaled a change in its angle in direction of spot Bitcoin ETFs. The trade is subsequently hopeful about the potential of the SEC approving these purposes.
In the end, the SEC might difficulty a directive outlining its method to imposing rulings on Bitcoin ETFs. It could function a framework for the approval of a number of Bitcoin ETFs by the tip of the 12 months.
Is the SEC vs Grayscale judgement behind this variation in angle?
We will hint this variation in angle on the a part of the regulator to the latest court docket judgement within the SEC vs Grayscale Investments case.
Keep in mind that in August 2023, the court docket dominated that the SEC’s determination to reject Grayscale’s utility to transform its GBTC to a spot Bitcoin ETF was “arbitrary and capricious.”
Just lately, it emerged that the SEC has determined to not attraction the court docket’s judgment. The regulator will now must revisit its determination on rejecting the appliance to covert GBTC to identify Bitcoin ETF.
Wooden advised the host that ARK Make investments has set a choice deadline for 10 January 2024. Although ARK’s utility is the primary in queue, Wooden anticipated a number of ETFs to be accredited without delay.
Faulty tweet results in Bitcoin rally
In a associated improvement, we witnessed BTC rallying in direction of the $30K-price mark on 16 October. The set off for this rally was an misguided tweet by a number one crypto publication in regards to the SEC approving BlackRock’s spot Bitcoin ETF utility.
The publication apologized for the error later; Eleanor Terrett, Fox Enterprise journalist, confirmed that the appliance nonetheless awaits assessment.
🚨NEW: Official assertion to @FoxBusiness from @BlackRock:
“The iShares Spot Bitcoin ETF remains to be below assessment by the SEC.”
— Eleanor Terrett (@EleanorTerrett) October 16, 2023
Because of this, the value of BTC dropped. At press time, it was exchanging arms at $28,150.
Supply: BTC/USD, TradingView
