Like Blackrock, ETP specialist 21Shares wants to launch a spot Bitcoin ETF in the US. But the US Securities and Exchange Commission continues to give investment firms the runaround.
In a widely expected move, the US Securities and Exchange Commission (SEC) delayed its decision for bitcoin spot ETF jointly filed by the Cathie Wood-led Ark Invest in the US and Swiss ETP issuer 21Shares. Instead, it's opened a 21-day public comment period to get feedback on the investment product.
Waiting for Decision
According to Friday's SEC notice, the regulator is specifically seeking comments on the Cboe exchange's July amendment naming Coinbase as a partner in the joint oversight agreement for the ETF. The commission is initiating a proceeding to determine whether the proposed rule change should be approved or rejected.
Ark Invest and 21Shares previously filed to launch their bitcoin spot ETF in April after failing twice before with the SEC. The SEC has a maximum of 240 days, or this coming January to make a final decision.
Good Starting Position
Swiss crypto pioneer 21Shares believes it's in pole position for approval of the first Bitcoin spot ETF in the United States. Since the application was submitted in April, it expects to be considered first in line for approval, it said recently and adapted the application to further strengthen the application.
To bolster its chances, the company recently tailored its proposal to Blackrock's application where the world's largest asset manager wants to launch its own Bitcoin spot ETF. That's given a strong tailwind to the crypto industry. After Blackrock's announcement, some of the world's largest investment firms followed suit with their crypto plans.
