The U.S. Securities and Exchange Commission (SEC) announced that it will use its maximum extension window to delay the decision to approve the Ark 21 Shares spot BTC ETF until the new year.

The proposed rule changes were put out for public comment on May 15, and the SEC took advantage of a 180-day extension window that will last until November 11.

However, the SEC is eligible for an additional 60-day extension, which would take them into the new year. The regulator decided to bring this option forward and made an announcement today.

Ark Invest CEO Cathie Wood recently expressed her thoughts on the ongoing decision. She predicts that the SEC will choose to approve multiple ETF applications at the same time: "Because these applications are basically the same, it will depend on marketing, communication, messaging."

The seven applicants include BlackRock, the world's largest asset management company. In addition, it has affected companies such as VanEck, WiseOrigin, WisdomTree and others.