SEC Postpones Ruling on BlackRock’s Proposed Spot Ethereum ETF
The US Securities and Exchange Commission (SEC) has delayed its decision on whether to approve BlackRock’s proposal for a spot Ethereum exchange-traded fund (ETF). The SEC stated that it needed more time to review the proposal and consider the issues raised. This delay is the first of potentially many delays within a 250-day window. BlackRock submitted its application for the iShares Ethereum Trust, joining other institutions seeking approval for similar ETFs.
Crypto Enthusiasts Express Mixed Feelings
There are mixed opinions among crypto experts regarding the potential approval of a spot Ethereum ETF. Some believe that approval may come in the second quarter of the year. However, SEC Chair Gary Gensler recently stated that the agency’s previous actions regarding bitcoin ETFs should not be interpreted as a willingness to approve other cryptocurrency-linked exchange-traded products.
SEC Commissioner Assures Applicants
Despite the challenges faced by BlackRock and other institutions in securing SEC approval for a spot Bitcoin ETF, SEC Commissioner Hester Pierce has reassured applicants that legal battles won’t be necessary for a spot Ethereum ETF. Pierce emphasized that the SEC should make the right decision without needing a court to intervene.
Optimism from ARK Invest President
Tom Staudt, president and COO of ARK Invest, is optimistic about the possibility of Ethereum ETFs. He believes that ongoing communication with regulators is a positive sign and notes that the industry has gained knowledge from the successful approval of spot Bitcoin ETFs.
Hot Take: SEC Delays Decision on BlackRock’s Spot Ethereum ETF
The US Securities and Exchange Commission has postponed its ruling on BlackRock’s proposed spot Ethereum ETF. The SEC cited the need for additional time to review the proposal and consider the relevant issues. This delay is the first of potentially many as BlackRock and other institutions seek approval for similar ETFs. While crypto enthusiasts express mixed feelings, SEC Commissioner Hester Pierce assures applicants that legal battles won’t be necessary for a spot Ethereum ETF. Despite some challenges, optimism remains as ARK Invest President Tom Staudt believes ongoing communication with regulators is a positive sign for the industry.
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