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News related to Crypto / SEC Delays Approval of Immediate Ethereum ETF
« on: April 24, 2024, 06:36:10 AM »Quote
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.
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This is kind of expected to happen already, judging on how the SEC dealt with the ETF for Bitcoin. Maybe people of SEC are thinking that approval of ETFs for both BTC and ETH on the same year may not be a very good idea and so we can expect that they will postpone this matter as much as they can for whatever reason they can think of. Now, personally, this can actually be a good decision and we can use to our advantage as we are given more time to accumulate more Ethereum so that by the time the ETF is approved we are full-ready with our arsenal intact. What do you think on this development?