The Securities and Exchange Commission is using the maximum time allowed to review the ARK 21Shares Spot Bitcoin exchange-traded fund application, postponing a decision until Jan. 10, 2023 - 240 days from the start of the review.

In a Sept. 26 notice, the SEC said it needed more time to consider a proposed rule change that would allow ARK 21Shares' ETF to list on the Cboe BZX exchange. The previous postponement on Aug. 11 gave the regulator until Nov. 11 to decide.

The delay came the same day the SEC postponed a ruling on a Bitcoin ETF application from Global X until Nov. 21. While not unexpected given the SEC's history of taking the full 240 days, it's unclear why the notices came weeks ahead of the deadlines instead of the regulator's usual practice of waiting until right before. A potential government shutdown may have affected the timing.

Notably, the postponements happened the same day the SEC received a letter from four U.S. representatives urging immediate Bitcoin ETF approval. The lawmakers accused the SEC of "double standards" after greenlighting Bitcoin futures ETFs but not spot Bitcoin products.

Many in crypto hoped the SEC would rethink its strict stance after losing a court case against Grayscale in August. But the latest delays signal the regulator remains cautious about allowing this new asset class in U.S. markets.

With October deadlines looming for seven more high-profile Bitcoin ETF applications from the likes of BlackRock and Fidelity, the SEC's actions offer a glimpse into likely outcomes.