SEC has been at loggerheads with most of the crypto exchanges since last year, but they have been changing their stance on DeFi of late. In a recent turn of events, they have extended their window to approve the 21 shares by ARK to April 3rd.
Originally the ETF (exchange-traded fund) was proposed to set up shop in July 2021 itself. The ETF will be listed on Cboe BZX Exchange, but the SEC has asked for more time to take into account a rule change.
The paperwork for the ETF was filed in July of 2021, but the decision has still not been taken on. In the past, the US SEC has approved such ETFs and ARK 21 shares will also be passed. They might have extended the deadline to debate over it, but it is more than likely that it will be passed.
Last year the SEC was at war with Coinbase for their “Lend” feature too. This allowed users to earn interest on their crypto assets while “Lending” them to other people. The SEC had a problem with this but later on accepted it. They delayed the launch by a few months but later welcomed these new-age technologies and concepts into America.
If you have been planning to get into Defi tech and add some crypto to your portfolio, right now is the best time to do so. With the regulatory bodies warming up to these new technological advances, it’s best if you become an early adopter and reap the benefits later on.