TL;DR
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We just measured the temperature of space and hopes for a BTC ETF in the next 6 months or so are starting to feel a bit chilly for the first time in recent memory.
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Ark Invest’s application for a BTC ETF was recently shelved by the SEC and will not be reviewed for another 8 weeks.
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According to a former SEC attorney, the SEC in its current state is unlikely to award the Bitcoin ETF everyone is hoping for. According to Mr. Stark, if we want an ETF we will have to wait for a change of government (and SEC chairman).
Full story
Time for our bi-weekly(ish) check-in with Bitcoin – or more specifically, the highly anticipated Bitcoin Exchange Traded Fund (ETF).
For those of you playing at home:
A Bitcoin ETF would mean that stock traders could essentially buy Bitcoin through the US stock market, which would bring in a ton of money in cryptocurrency.
That would be great! What’s not great is…
We just measured the temperature of space and hopes for a BTC ETF in the next 6 months or so are starting to feel a bit chilly for the first time in recent memory.
Ark Invest’s application for a BTC ETF was recently shelved by the SEC and will not be reviewed for another 8 weeks.
Sure, this response from the SEC was more of a “maybe later” than an outright “NO!”
…but Ark’s application was originally submitted all the way back in 2021.
(That’s a very long ‘maybe later’ period).
But okay, fine – not the end of the world. We can fight it out. Patience is a virtue and all that…
Enter: John Reed Stark. He’s a former SEC attorney and he comes with some not-so-great news.
In JRS’s opinion, the SEC in its current state is unlikely to award the Bitcoin ETF everyone is hoping for. According to Mr. Stark, if we want an ETF we will have to wait for a change of government (and SEC chairman).
Do you see what we mean?
It’s not that our hopes for a Bitcoin ETF are completely frozen…
But they could use a coat.