SEC Extends Deadlines for ARK 21Shares and VanEck Spot Ether ETF Applications
Mitchell Nixon
The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the approval or rejection of spot Ether exchange-traded fund (ETF) applications submitted by ARK 21Shares and VanEck.
The commission has also granted an extended timeframe to make a determination on spot Bitcoin ETF applications from ARK 21Shares and GlobalX, effective September 26th, which you can read about here.
In separate notifications submitted on September 27, the SEC indicated its intent to extend the evaluation period for the proposed rule changes that would enable the listing of spot ETH ETFs by VanEck and ARK 21Shares on the Cboe BZX Exchange. The SEC noted the absence of any public comments on either proposal and has extended the deadlines for further deliberation or decision to December 25 and December 26, respectively.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” stated the SEC.
On the same day, the Nasdaq Stock Market submitted a proposed rule change to the SEC, seeking approval for its hybrid ETH ETF, which combines spot Ether holdings with futures contracts. Additionally, proposed rule changes were filed on September 27 for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF with the New York Stock Exchange Arca, and for the Franklin Bitcoin ETF with the Cboe BZX Exchange.
Earlier, on September 26, the SEC had already indicated an extension for evaluating spot Bitcoin ETF applications from ARK 21Shares and GlobalX, filing the notice several weeks ahead of the impending deadlines for both investment products. This deferral extends the final decision for ARK 21Shares’ ETF to January.
Pushing these deadlines has come at the same time Gary and the SEC have been grilled in congress over their oversight of the digital asset industry.