The US Securities and Exchange Commission (SEC) has announced that it will extend the evaluation process for a Bitcoin exchange-traded fund (ETF) proposed by ARK Investment Management and 21Shares. The SEC will institute proceedings to evaluate the potential approval or denial of the ETF, and a 21-day window for public commentary has been opened. The SEC’s decision on the ETF is expected on November 11, 2023, after a comprehensive review period of 240 days. The SEC has previously rejected similar ETF proposals due to concerns about fraudulent practices and the protection of investors’ interests. The delay in the decision was anticipated, and industry experts speculate that multiple Bitcoin ETFs may eventually be approved. The SEC’s cautious approach and the public comment period demonstrate its careful regulation of cryptocurrency products.
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