SEC Delays Decision on Ethereum ETFs
The United States Securities and Exchange Commission (SEC) has postponed its decision on approving Ethereum exchange-traded funds (ETFs) from several asset management firms until May 2024. The SEC has issued delay orders for applications from Ark Invest/21Shares, VanEck, and Hashdex.
Ark Invest/21Shares, VanEck, and Hashdex ETH ETFs
Ark Invest/21Shares, VanEck, and Hashdex filed for Ethereum ETFs in September. VanEck and Ark Invest/21Shares aim to track the spot price of ether (ETH), while Hashdex plans to launch a mixed fund that combines spot and futures price movements.
SEC Seeks Public Comments
The SEC is reviewing the proposed rule change that would allow the listing of these ETFs. Interested parties have 35 days to provide written submissions of their views and concerns regarding the applications.
Approval or Disapproval Deadline Extended
Bloomberg analyst James Seyffart stated that the SEC’s latest move extends the final approval or disapproval date for the proposals to May 2024. The deadline for VanEck, Ark Invest/21Shares, and Hashdex was originally set for December 25, 26, and January 1, respectively.
Invesco and Grayscale ETF Applications
The SEC also extended the deadlines for Invesco/Galaxy Digital and Grayscale Investments’ Ethereum ETF applications. Invesco plans to launch a spot Ethereum ETF, while Grayscale intends to convert its Grayscale Ethereum Trust (ETHE) into a spot product.
The crypto community is anticipating the approval of approximately 13 spot Bitcoin ETF applications by January.
Hot Take: SEC Delays Ethereum ETF Approvals
The SEC has delayed its decision on approving Ethereum ETFs, extending the deadline to May 2024. This delay affects applications from Ark Invest/21Shares, VanEck, and Hashdex. The SEC is seeking public comments on the proposed rule change that would enable these ETFs to be listed. In addition, Invesco/Galaxy Digital and Grayscale Investments’ Ethereum ETF applications have also been given extended deadlines. While the crypto community waits for potential approval of spot Bitcoin ETFs, it remains to be seen whether these Ethereum ETFs will eventually receive regulatory approval.
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