SEC Slow-Rolls Bitcoin ETF Proposal From ARK

The United States Securities and Exchange Commission (SEC) has decided to utilize the full extent of the permissible review period to arrive at a verdict regarding the spot Bitcoin exchange-traded fund (ETF) proposal by ARK 21Shares. In an announcement on September 26, the SEC notified that it would extend the timeframe to either approve or disapprove the rule change proposal, which would enable the listing of ARK 21Shares’ spot BTC ETF on the Cboe BZX Exchange.

Previously on August 11, the commission deferred its decision, setting a new deadline of November 11 to either approve, disapprove, or further delay the decision. The recent notice mentioned that an extended review period is necessary for a comprehensive examination of the proposed rule change along with the concerns associated with it.

Interestingly, on the same day, the SEC also postponed its decision on a Bitcoin ETF proposition from fund manager GlobalX. The pattern of extending the review periods for spot Bitcoin ETF applications weeks before their upcoming deadlines in October and November strays from its usual practice of announcing delays closer to the deadline.

The latest extension provides the SEC with an additional 60 days to evaluate ARK 21Shares’ proposition, pushing the final deadline to January 10, which will be 240 days post the initial application submission. Meanwhile, the next deadline for reviewing GlobalX’s ETF proposal has been set for November 21.

This delay follows a request from four U.S. Representatives urging SEC chair Gary Gensler to expedite the approval of a spot Bitcoin ETF. The lawmakers criticized the SEC for displaying “inconsistent and discriminatory standards” by endorsing ETFs related to crypto futures while sidelining spot investment propositions.

Up until now, the SEC has not green-lighted any spot BTC ETF for listing on a U.S-based exchange. The crypto community had anticipated a potential reconsideration of pending ETF applications, especially after the SEC’s legal setback against Grayscale in August.

Looking ahead, seven prominent firms including BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity are awaiting the SEC’s verdict on their spot crypto ETF applications scheduled for review in October. The SEC has the option to further delay or extend these review deadlines until March.

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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