The US Securities and Exchange Commission (SEC) has extended the deadline for the ARK 21Shares Spot Bitcoin (BTC) ETF until January 2024.

This extension reaffirms the SEC’s unchanged position on cryptocurrency exchange-traded funds (ETFs).

In a filing on Tuesday, September 26, the SEC said it finds “appropriate to establish a longer period for issuing an order approving or disapproving a proposed rule change so that it has sufficient time to consider the proposed rule change.”

The watchdog noted that it still has an additional 60 days to consider the listing, however, the deadline is still set at January 10, 2024.

US Lawmakers Urge SEC Chairman to Approve Bitcoin ETF

The Securities and Exchange Commission has delayed its decision on the ARK 21Shares Bitcoin ETF even though US lawmakers urged the agency to approve the cryptocurrency exchange-traded product (crypto ETP) as soon as possible.

On Tuesday, September 26, a group of Republican and Democratic lawmakers urged SEC Chairman Gary Gensler to “immediately” approve the listing of Bitcoin spot exchange-traded products.

In a public letter, the group said the product would provide “increased investor protection by making access to Bitcoin more secure and transparent.”

“During your time at the SEC, you have consistently stated that digital asset companies should come and register with the SEC. Market participants have relied on your data and applied for regulated spot ETP. Court of Appeal decision: There is no reason to continue to deny such requests under inconsistent and discriminatory standards.

US Congressmen Mike Flood, Willie Nickel, and Tom Emmer, and US Representative Ritchie Torres

SEC Cites Lack of Regulation as Reason for Delay

So far, the agency has not approved a spot Bitcoin ETF, saying there is no cryptocurrency market regulated to prevent manipulation.

The regulator has consistently rejected applications for cryptocurrency ETFs claiming that applicants have not yet shown how they will adequately protect investors from fraud.

Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital, believes the launch of a Bitcoin ETF will act as a catalyst, sending prices higher.

The head of SkyBridge Capital suggests that a spot Bitcoin ETF could be approved as soon as the first quarter of 2024. He explains that this development could spur the bull market into action.