April 19, 2024
SEC Postpones Ethereum ETF Decisions, Final Verdict Set For May
Latest Cryptocurrency News

SEC Postpones Ethereum ETF Decisions, Final Verdict Set For May

The U.S. Securities and Exchange Commission (SEC) has extended its decision timeline for a range of Ethereum exchange-traded funds (ETFs), with the potential approval date now set for late May 2024.

In regulatory filings on December 18, the SEC deferred its verdict on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. The Hashdex Ether ETF is designed to hold both spot Ether and futures contracts, while Grayscale’s Ethereum Futures ETF is strategically positioned to influence SEC approval for Grayscale’s Ethereum Trust conversion into a spot Ethereum ETF.

The filings indicate that the SEC is initiating proceedings to gather additional public input on whether these ETFs should be listed. The regulatory agency also postponed its decision on the VanEck spot Ethereum ETF and the spot Ethereum ETF proposed by Cathie Wood’s ARK Invest and 21Shares.

ETF analyst James Seyffart from Bloomberg anticipated these delays, expecting them to occur before December 25. He emphasized that the final decision deadline for the SEC on these ETFs is set for late May.

While the SEC has previously approved Ethereum futures ETFs, it has not yet given the green light to a spot or mixed-type product. The spotlight remains on the SEC’s potential approval of 13 spot Bitcoin ETFs, with a decision likely by January 10, 2024, according to analysts Seyffart and Eric Balchunas from Bloomberg.

The analysts estimate a 90% likelihood of approval for a spot Bitcoin ETF, contributing to market optimism about institutional Bitcoin access. Over the past six months, Bitcoin’s price has surged by more than 44%, while Ether has seen a more moderate increase of 16.8% within the same period, as per TradingView data.

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