The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the approval of Cathie Wood’s Ark Investment Management’s spot bitcoin exchange-traded fund (ETF). The SEC is seeking public feedback and has delayed the decision by several weeks to potentially several months. Ark Investment Management had submitted an application to list the ETF in May, giving the SEC until January 2024 to make a final decision. The SEC has previously rejected the company’s crypto ETF proposals due to concerns about fraud and investor protection. The regulator has allowed futures-based bitcoin ETFs since October 2021. However, there are concerns about bitcoin’s susceptibility to manipulation and its use in illegal activities.
AI Sentiment: Negative
