The SEC has postponed its decision on Grayscale's Immediate Ethereum ETF until June 23 amidst careful review of cryptocurrency ETF applications.
The U.S. Securities and Exchange Commission (SEC) has decided to further delay the proposal by Grayscale regarding an Ethereum ETF for immediate trading. The review deadline has been extended to June 23. This delay indicates a setback in the approval process for cryptocurrency-based ETFs in the U.S.
Grayscale submitted Form 19b-4 to NYSE Arca in October to convert its existing Ethereum Trust into an ETH ETF for immediate trading. In January, Grayscale successfully converted its Bitcoin Trust into a Bitcoin ETF for immediate trading.
I believe the SEC would approve an Ethereum ETF, but it may not happen as soon as many people think, after the approval of BTC spot etf's in the U.S, an Ethereum ETF was going to follow and it will, but when is the question now. Another crypto stop etf approval would be a boost to the crypto market, in terms of its price and 'popularity' amongst institutional investors.Maybe or maybe not. According to what I have been reading on the news and Twitter recently, since yesterday or two day ago, I read that it is possible that United States SEC may not approve ethereum ETF. Everybody has been expecting that by may, ethereum ETF would be approved by the SEC. Some weeks or like 3 months ago, we saw a news that senators told the SEC governor that he should stop approving crypto ETF. Let us wait and see what will happen.
Some weeks or like 3 months ago, we saw a news that senators told the SEC governor that he should stop approving crypto ETF. Let us wait and see what will happen.Yeah, we would see; BTC spot etf's was delayed for a long time before it was finally approved, i don't really know when these institutions filed for their ethereum etf's, though i remember Blackrock filed for theirs (ishares Ethereum trust) in late last year. It may take a long time before we see an ethereum etf and the sec might reject all the pending applications.
Yeah, we would see; BTC spot etf's was delayed for a long time before it was finally approved, i don't really know when these institutions filed for their ethereum etf's, though i remember Blackrock filed for theirs (ishares Ethereum trust) in late last year. It may take a long time before we see an ethereum etf and the sec might reject all the pending applications.Bitcoin spot ETF was not delayed. Since November we have known the date that United States SEC will approve bitcoin ETF, that it would be January 11, 2024. The day was not shifted. I do not follow much about ethereum ETF but I saw on Twitter as some people speculated that it would be approved likely in May. About bitcoin ETF, I saw on the news in November that bitcoin ETF would be approved in January 11, 2024. I have a brother that even read the news from somewhere and also told me the same thing. We all waited for the day and it was approved.
Bitcoin spot ETF was not delayed.
It was delayed a lot of times.I read about the delays but I did not count them as delays when United States SEC was still planning on the approval but many people wanted it to be asap. It was either October or November news that I read that I know SEC will approve it in January 10. If SEC shift it from January 10, I will count it as a delay. Although this may be from my own perspective and I may not be that correct about it. I could remember that my burger and intakes about it and the day was nit a surprise for us.
In August:
https://www.coindesk.com/policy/2023/08/31/after-grayscale-victory-sec-kicks-the-can-on-latest-bitcoin-etf-applications/
September:
https://cryptoslate.com/sec-postpones-decision-on-ark-21shares-proposed-spot-bitcoin-etf-until-january-2024/
Here is a graph (a bit updated) on the previous delays:
Anyhow no surprise!
Grayscale is asking for a conversion, this won't be approved unless the others get a green light on their initial applications, the real step is the decision on the the other submissions.
I read about the delays but I did not count them as delays when United States SEC was still planning on the approval but many people wanted it to be asap.It was dalayed a lot of times, the SEC has 240 days to either approve or deny an application from the time it starts reviewing it. They also set deadlines at different intervals, many of those deadlines were missed, and if that happens, the decision is shifted to the next deadline.
It was either October or November news that I read that I know SEC will approve it in January 10. If SEC shift it from January 10, I will count it as a delay.
I believe the application of Blackrock was the reason why the SEC approved all the 11 pending etf applications at that time, probably if Blackrock didn't apply, the SEC would have kept on postponing it, until the 240 days elapses on all the pending applications.
Just beacuse Ethereum is second in terms of market capitalization? that it mean ETH ETF will be accepted or what those who support Ethereum ETF rely on? Bitcoin was accepted with a few votes and after it was postponed many times, so acceptance of the Ethereum ETF will not be as quick as many imagine.