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ARK Investment Management founder and CEO, Cathie Wood, has made a prediction that the United States Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded funds (ETFs) simultaneously. This speculation comes after ARK Investment Management submitted one of the most recent spot Bitcoin ETF applications in June. Wood believes that if the SEC moves forward with any application currently under consideration, it is likely to approve “more than one [ETF] at once.” The submission made by ARK Investment Management was amended in June to include a surveillance-sharing agreement.

Wood’s statement aligns with a proposal put forth by Grayscale, a company that is currently suing the SEC for rejecting its application to convert its Bitcoin Trust into a spot Bitcoin ETF. In July, Grayscale’s legal team sent a letter to the SEC, requesting that all proposed spot Bitcoin ETFs be approved simultaneously to prevent any competitive advantage for one over others.

In the United States, the SEC has never approved a spot crypto ETF, although it has permitted the listing of crypto-linked futures ETFs, as well as a leveraged Bitcoin futures ETF from Volatility Shares Trust. As of now, the SEC has received applications for crypto ETFs from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest.

Wood also suggested that the SEC might extend the deadline for ARK Invest’s spot BTC ETF application. The SEC has until August 13 to decide whether to approve, reject, or delay ARK’s application through an extension or comment period. Since ARK filed the paperwork in May 2023, the SEC has a maximum of 240 days, until January 2024, to make a final decision.

The competition to secure a listing for a spot crypto ETF in the United States has drawn significant attention from the crypto industry and media. This attention intensified with BlackRock, the world’s largest asset management firm, submitting a proposal. It is worth noting that regulators in other countries, including Canada, have already approved similar spot ETF filings from crypto firms.

AI legalese decoder can play a significant role in this situation by helping to simplify complex legal language and decipher the regulatory process. With a large number of ETF applications currently being reviewed by the SEC, the AI legalese decoder can assist legal teams and applicants in understanding the intricacies of the approval process. By analyzing and summarizing legal documents, it can save time and provide clarity on the requirements and potential outcomes. Additionally, the AI legalese decoder can assist in identifying any discrepancies or gaps in applications, increasing the chances of a successful approval.

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