SEC Delays Grayscale Spot Ethereum ETF Decision, Extends Review to January 2024
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SEC Delays Grayscale Spot Ethereum ETF Decision, Extends Review to January 2024

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Created 2mo ago, last updated 2mo ago

The United States Securities and Exchange Commission (SEC) announced it will delay its decision on Grayscale's proposed Ethereum spot ETF.

SEC Delays Grayscale Spot Ethereum ETF Decision, Extends Review to January 2024
The United States Securities and Exchange Commission (SEC) announced it will delay its decision on Grayscale's proposed Ethereum spot ETF. The SEC needs more time to assess a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust.

The SEC has allocated a longer period to evaluate the proposed rule change and has set January 25, 2024, as the deadline for its decision or the initiation of proceedings to determine its disapproval. The SEC emphasized the importance of having sufficient time to thoroughly consider the proposal and the concerns raised.

While the SEC has approved investment vehicles tied to crypto futures in the past, it has not yet given approval for a spot BTC or ETH ETF on a U.S. exchange. Bloomberg ETF analyst James Seyffart speculated that if the commission approves a spot BTC ETF, it could potentially proceed with approving funds from multiple firms simultaneously.

Grayscale submitted its filing in October, seeking to convert shares of its Grayscale Ethereum Trust into an Ether ETF. The company is among other firms, including BlackRock, Hashdex, ARK 21Shares, Invesco Galaxy, VanEck, and Fidelity, awaiting a decision from the SEC regarding their spot crypto ETF applications.

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