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SEC Delays Decision on BlackRock’s Spot Ether ETF

Finance Magnates

Cryptocoins News / Finance Magnates 23 Views

The approval of 11 Bitcoin exchange-traded funds (ETFs) could guarantee a similar instrument of Ether as the Securities and Exchange Commission (SEC) delayed its decision on BlackRock’s Ether ETF application.

The Fight for Ether ETF Continues

The decision of the US regulator came one day before the deadline on January 25. The SEC cited the need for additional time to review the proposed rule change.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,” the SEC’s Assistant Secretary, Sherry Haywood, noted in the official filing.

“Accordingly, 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.”

After Bitcoin, Its Ether

On behalf of BlackRock, the largest asset management firm with over $9.1 trillion in assets under management, Nasdaq filed for the approval of iShares Ethereum Trust on December 11, 2023. The latest delay in the decision by the SEC is the first the regulator can exercise in a 240-day window.

Other applicants for spot Ether ETFs besides BlackRock are VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex. The deadline for the decision on VanEck’s application is May 23, ARK 21Shares is May 24, Hashdex is May 30, Grayscale is June 18, and Invesco is July 5.

Earlier this month, the SEC ended ten years of deadlock, approving 11 spot Bitcoin ETFs to be listed in the United States’ stock exchanges. All the companies seeking approval for spot Ether ETFs had already listed their Bitcoin ETFs. BlackRock’s Bitcoin ETF turned out to be a clear winner in inflows after two weeks, while Grayscale Bitcoin Trust, from a closed fund, is witnessing outflows.

This article was written by Arnab Shome at www.financemagnates.com.
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