SEC delays ARK 21Shares Bitcoin ETF review again, lawmakers urge Gensler to approve Bitcoin spot ETF immediately

The SEC has once again postponed the review of the Bitcoin ETF ARK 21Shares Bitcoin ETF proposed by ARK 21Shares and 21Shares, with the next review date set for January 10th next year. Will the other seven Bitcoin spot ETFs facing review deadlines in mid-October also have a high probability of facing the same fate?

SEC Delays ARK 21Shares Bitcoin ETF Review Again

The U.S. Securities and Exchange Commission (SEC) has once again delayed the review of the ARK 21Shares Bitcoin ETF submitted by Ark Investment and 21Shares, with the next review date set for January 10th of next year.

The SEC believes that designating a longer period to take action on the proposed rule change is appropriate to allow sufficient time to consider the proposed rule change and the issues raised therein.

Will the other seven Bitcoin spot ETFs facing review deadlines in mid-October also have a high likelihood of facing the same fate?

Lawmakers Urge SEC to Approve Bitcoin Spot ETF Immediately

According to a report by The Block, just hours before the SEC issued the delay document, Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel jointly sent a letter urging SEC Chairman Gary Gensler to allow Bitcoin spot ETFs to be listed. They believe that regulated Bitcoin spot ETFs will make Bitcoin more transparent and secure to enhance investor protection.

They stated:

Congress has a responsibility to ensure that the U.S. Securities and Exchange Commission approves investment products that meet congressional requirements. To that end, we urge you to approve the listing of Bitcoin spot ETPs immediately.

SEC Chairman Gary Gensler will testify before the House Financial Services Committee on Wednesday. According to his prepared testimony, he stated that securities laws have "existed for decades."

In April, House Financial Services Committee Chairman Patrick McHenry said, "When digital asset companies don't know what laws apply to them, and you call them out for not following the law, that's absurd!" The market expects Gensler to face questions from lawmakers about his approach to regulating cryptocurrencies.