The US Securities and Exchange Commission has not approved any of the spot BTC ETF fillings so far.
An American investment management company located in Florida ARK Investment Management and Swiss investment product issuer 21Shares is attempting to have their collaborative spot Bitcoin (BTC) exchange-traded fund (ETF) licensed in the US once again.
According to the official announcement issued on May 13, the exchange-traded fund would measure the performance of Bitcoin as assessed by the S&P Bitcoin Index and would hold BTC. On top of that, a proposed regulation change from the CBOE BZX Exchange is included in the filling.
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CBOE is the largest options exchange in the US with over $1.27 billion in yearly trading volume at the end of 2014. It provides options on approximately 2,200 businesses, 22 stock indexes, and 140 ETFs while operating four equities, including the BZX Exchange, BYX Exchange, EDGA Exchange, and EDGX Exchange.
A recent CBOE regulation proposal indicates that:
"Both the Exchange and the Sponsor believe that this proposal and the included analysis are sufficient to establish that the CME Bitcoin Futures market represents a regulated market of significant size as it relates both to the CME Bitcoin Futures market and to the spot bitcoin market and that this proposal should be approved.”
The latest date for approval or rejection of the ARK 21Shares BTC exchange-traded fund is January 24, 2023.
Previously, the US Securities and Exchange Commission (SEC) had already granted many extensions for rule change petitions tied to spot BTC ETFs. However, none finally received approval, including an earlier incarnation of the ARK 21Shares offering.
Earlier this month, the digital currency investing and crypto asset management organization Grayscale announced that it would make its European debut while introducing a new ETF called Grayscale Future of Finance UCITS ETF.
