SEC Postpones Ruling on ARK’s Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision regarding ARK Investment Management’s proposed spot Bitcoin ETF. A recent notice from the SEC on August 11 revealed a 21-day public comment window for the ARK 21Shares Bitcoin ETF after its appearance in the Federal Register. This continues the regulator’s streak of postponements on deciding the fate of spot cryptocurrency ETFs in the nation. Having initially filed their ETF listing in May, ARK has provided the SEC up to 240 days, or until January 2024, to finalize their verdict.

For an ETF to secure a spot on the Cboe BZX Exchange, which is ARK’s goal, the applicant needs to showcase a robust surveillance-sharing agreement with a significant, regulated market. ARK’s previous attempts at listing a crypto ETF faced rejection from the SEC. The agency expressed concerns that such proposals wouldn’t adequately deter “fraudulent and manipulative acts and practices,” thus failing to safeguard investors.

Clarifying its stance, the SEC mentioned on August 11, “There isn’t a need for the spot bitcoin market to be regulated for this proposal to gain approval. Historically, the regulated market for a spot commodity or currency is more an exception than a rule.”

ARK’s CEO, Cathie Wood, had anticipated this delay by the SEC. In an interview on August 7, she also foresaw the possibility of the SEC approving several spot BTC ETFs simultaneously in the future.

ARK is among numerous U.S. entities vying for a spot crypto ETF listing on an authorized exchange. Notably, in July, BlackRock, the world’s foremost asset management firm, lodged its application. Several companies have also updated their applications to feature the cryptocurrency exchange, Coinbase, as a surveillance-sharing partner. This move was influenced by rumors suggesting the SEC might be more receptive to a spot crypto ETF with such provisions.

As of the recent update on August 11, the SEC has yet to greenlight any spot crypto ETFs in the U.S. However, they commenced permitting investment tools connected to BTC futures in October 2021. Currently, Grayscale is in a legal tussle with the SEC, contesting the agency’s denial to list its Bitcoin trust as a spot Bitcoin ETF.

The ReadySetCrypto "Three Token Pillars" Community Portfolio (V3)

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What is the goal of this portfolio?

The “Three Token Pillars” portfolio is democratically proportioned between the Three Pillars of the Token Economy & Interchain:

CryptoCurreny – Security Tokens (STO) – Decentralized Finance (DeFi)

With this portfolio, we will identify and take advantage of the opportunities within the Three
Pillars of ReadySetCrypto. We aim to Capitalise on the collective knowledge and experience of the RSC
community & build model portfolios containing the premier companies and projects
in the industry and manage risk allocation suitable for as many people as
possible.

The Second Phase of the RSC Community Portfolio V3 was to give us a general idea of the weightings people desire in each of the three pillars and also member’s risk tolerance. The Third Phase of the RSC Community Portfolio V3 has us closing in on a finalized portfolio allocation before we consolidated onto the highest quality projects.

Our Current Allocation As Of Phase Three:

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The ReadySetCrypto "Top Ten Crypto" Community Portfolio (V4)

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What is the goal of this portfolio?

The “Top Ten Crypto” portfolio is a democratically proportioned portfolio balanced based on votes from members of the RSC community as to what they believe are the top 10 projects by potential.

This portfolio should be much more useful given the ever-changing market dynamics. In short, you rank the projects you believe deserve a spot in the top 10. It should represent a portfolio and rank that you believe will stand the test of time. Once we have a good cross-section, we can study and make an assessment as to where we see value and perhaps where some diamonds in the rough opportunities exist. In a perfect world, we will end up with a Pareto-style distribution that describes the largest value capture in the market.

To give an update on the position, each one listed in low to high relative risk:

SoV/money == BTC, DCR

Platforms == ETH, XTZ

Private Money == XMR / ZEC / ZEN

DeFi == MKR / SNX and stablecoins

It is the most realistic way for us to distill the entirety of what we have learned (and that includes the RSC community opinion). We have an array of articles that have gradually picked off one by one different projects, some of which end up being many thousands of words to come to this conclusion. It is not capitulation because we all remain in the market. It is simply a consolidation of quality. We seek the cream of the crop as the milk turns sour on aggregate.

Current Top 10 Rankings:

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