SEC Delays Spot Ethereum ETF Decisions

SEC Delays Spot Ethereum ETF Decisions

The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on spot ethereum exchange-traded funds (ETFs) proposed by Blackrock, the world’s largest asset manager, and Grayscale Investments. Grayscale is seeking to convert its existing Ethereum Trust into a spot ETF.

Spot Ethereum ETF Decisions Delayed by SEC

This week, the U.S. Securities and Exchange Commission (SEC) delayed two applications for spot ethereum exchange-traded funds (ETFs). Following the recent approval of 11 spot bitcoin ETFs, investors are closely watching the SEC for potential decisions on spot Ethereum ETF proposals.

On Wednesday, the SEC delayed an application by the Nasdaq Stock Market to list and trade shares of Blackrock’s Ishares Ethereum Trust. The application was filed on Nov. 21 last year and published for comment in the Federal Register on Dec. 11.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC wrote, adding:

The Commission … designates March 10, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.

The SEC approved 11 spot bitcoin ETFs on Jan. 10, including Grayscale’s application to convert its Bitcoin Trust (GBTC) into a spot bitcoin ETF. Most approved spot bitcoin ETFs began trading the next day. Since their launch, Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have emerged as the clear leaders in terms of spot bitcoin ETF trading volume.

On Thursday, the SEC also delayed its decision on Grayscale’s ethereum trust. The crypto asset manager seeks to convert its Ethereum Trust (ETHE) into a spot ethereum ETF. NYSE Arca filed a proposed rule change to list and trade shares of the Grayscale Ethereum Trust with the SEC on Oct. 10, 2023.

Having delayed its decision on this application already on Sept. 5, the SEC is now instituting proceedings “to allow for additional analysis of the proposed rule change,” according to the regulator’s announcement. The SEC also seeks comments on the proposed rule change. The securities watchdog stated:

The Commission is instituting proceedings … to determine whether the proposed rule change should be approved or disapproved … The Commission seeks and encourages interested persons to provide comments on the proposed rule change.

Comments must be submitted no later than 21 days after the date of publication in the Federal Register. Rebuttals to any submissions must be filed within 35 days of the publication in the Federal Register.

Do you think the SEC will soon approve spot ethereum ETFs now that it has approved spot bitcoin ETFs? Let us know in the comments section below.




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