SEC Postpones Decision on Multiple Ethereum ETFs Until May 2024

• The regulator said that it was initiating procedures to solicit more public feedback.
• James Seyffart, an analyst for Bloomberg ETFs, claims that these delays were anticipated.

Many Ethereum ETFs have had their SEC decisions postponed until May 2024. Delays in a decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF were announced in several regulatory filings on December 18th by the agency.

Although Grayscale’s Ethereum Futures ETF is seen as a “trojan horse” that would coerce the SEC into approving Grayscale’s conversion of its Ethereum Trust to a spot Ethereum ETF, the Hashdex Ether ETF intends to hold both spot Ether and futures contracts.

Delays Anticipated

The regulator said in the papers that it was initiating procedures to solicit more public feedback on the listing of the ETFs. Along with the spot Ethereum ETFs offered by VanEck and 21Shares, the regulatory body also delayed a judgment on the one offered by Cathie Wood’s ARK Invest.

James Seyffart, an analyst for Bloomberg ETFs, claims that these delays were anticipated and were supposed to occur prior to December 25. Additionally, he said that the regulator would have the final say about the ETFs by the end of May. The SEC has already authorized Ethereum futures ETFs, but no spot or mixed-type product has been approved.

At the same time, the market’s attention is mostly on the 13 spot Bitcoin ETFs that are now pending approval from the SEC. Seyffart and Eric Balchunas, both of whom work for Bloomberg as ETF analysts, claim that the SEC might decide as soon as January 10, 2024.

The likelihood of approving a spot Bitcoin ETF is 90%, according to both experts. The euphoria that accompanies institutional access to Bitcoin has boosted the markets.

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