SEC Delays Decision on Fidelity’s Ethereum ETF Proposal
The US Securities and Exchange Commission (SEC) has extended the deadline for its decision on Fidelity’s Ethereum exchange-traded fund (ETF) proposal. The SEC stated that it needs more time to consider the proposed rule change and the issues raised. Fidelity applied for the ETF in November, citing a court ruling that criticized the SEC for not providing a clear reason for rejecting spot crypto ETFs while allowing futures-based products.
Delay Expected, May Dates Crucial
Bloomberg Intelligence ETF analyst James Seyffart anticipated the SEC’s decision to delay. He believes that the important dates to watch are in late May. Seyffart’s comments were posted on Twitter.
Spot Ethereum ETF Speculation
The recent approval of 11 spot bitcoin ETFs by the SEC has led some to speculate whether a spot Ethereum ETF will be next. Fidelity and BlackRock both entered the race for a spot Ethereum ETF last year, following the launch of ether futures ETFs.
Hot Take: SEC’s Cautious Approach with Ethereum
The SEC’s decision to delay Fidelity’s Ethereum ETF proposal indicates their cautious approach towards cryptocurrencies. While they have approved bitcoin ETFs, they are taking more time to evaluate Ethereum-based products. This suggests that the SEC is considering Ethereum as a non-security asset similar to bitcoin. The outcome of this decision will have significant implications for the future of cryptocurrency investment opportunities.
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