The U.S. Securities and Exchange Commission (SEC) has extended the deadline for a decision on listing ARK 21Shares’ spot Bitcoin (BTC) exchange-traded fund on the Chicago Board Options Exchange (Cboe BZX).

The SEC’s recent announcement was initially submitted on May 13th, 2022 and has extended the window for approving or disapproving the spot Bitcoin ETF twice already. Once in July and then again in August with a comment period. 

The SEC’s assistant secretary Sherry Haywood stated that the “the Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” 

Haywood added that the Commission agreed upon January 27th, 2023 as the new deadline for the Commission to approve or disapprove the proposed rule change.

For a spot Bitcoin ETF to be listed on the Cboe BZX Exchange in 2021, ARK Invest initially collaborated with Europe-based ETF issuer 21Shares, but the SEC denied the application in April. With the recent November 15th notice, the federal regulator has essentially used all of its options for further postponing a decision on the spot Bitcoin ETF under the SEC’s present guidelines.

A spot Bitcoin ETF has never been approved by the SEC in the U.S., but have allowed ProShares to provide investment vehicles connected to BTC futures in October 2021. Digital asset manager Grayscale has also sued the SEC after its application for a spot BTC ETF was denied, claiming the SEC’s decision was “arbitrary, capricious, and discriminatory.” Other firms like VanEck have persisted in filing applications with the SEC for a spot Bitcoin investment vehicle as well.

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