ARK Invest’s Spot Bitcoin ETF to get ruling in 6 days; here’s what market players are saying

The U.S. SEC could rule on ARK Invest’s spot Bitcoin ETF filing in less than a week. The ruling has been highly anticipated by cryptocurrency investors and traders alike, especially as market players are convinced that the ruling could have a significant impact on the entire cryptocurrency market.

As the SEC stated in a Federal Register filed on the 15th of June, August 13th has been set “as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change.”

Alternatively, the SEC could push the deadline up by 240 days and go as far as delaying its final response until January 10th, 2024, for Ark’s ETF application.

However, as the market awaits a response from the regulatory body, sentiments from cryptocurrency investors and prominent finance figures have remained mixed.

Notably, James Seyffart and Eric Balchunas, two Research Analysts at Bloomberg Intelligence, are convinced that there is a 65% chance that the SEC will green-light a Bitcoin Spot ETF. 

They, however, went on to state that some external bodies can influence the ETF approval process. “Finally, pressure from BlackRock and possibly Democrats could make denying the ETFs politically untenable for Gensler.” They wrote in a tweet.

On the other hand, Edelman, the co-founder of Edelman Financial Engines, is uncertain about the future. However, he remains convinced that a spot Bitcoin ETF is essential for crypto investors in the market. “We would love a bitcoin ETF,” he asserted.

He went on to assert that a spot Bitcoin ETF is the simplest, cheapest, most liquid affordable way to invest in Bitcoin. Edelman also recognizes that there has been consistent pushback from the SEC, as the regulator has rejected every spot Bitcoin ETF application filed for the past 10 years.

Edelman also raised concerns about the SEC’s refusal to make its rules and regulations transparent and understandable. 

“The SEC is refusing to say what we’re allowed to do, but then when we go do things, they’re filing lawsuits saying we shouldn’t have done it’s a lousy way to run commerce and business in America.” He said.  

Regarding the recently filed ETFs, Edelman has taken the same stance as many other crypto investors who have remained critical of Gary Gensler’s inconsistencies.

For a spot Bitcoin ETF to be approved, Edelman notes that comprehensive crypto legislation has to be passed and remains critical of the SEC, Congress, and CFTCs’ failure to pass the much-needed legislation. 

Meanwhile, Ric Edelman, the founder of the Digital Assets Council of Financial Professionals (DACFP), maintains that the market will not “see a spot bitcoin ETF any time soon.”

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