Ethereum

2024

The United States Securities and Exchange Commission (SEC) has postponed a potential decision of an application for a spot Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded fund (ETF) from asset manager VanEck.
In a March 20 notice, the SEC <a href="https://www.sec.gov/files/rules/sro/cboebzx/2024/34-99782.pdf" target="_blank" rel="noopener noreferrer nofollow">said</a> it had extended the time period on approval or disapproval for the Cboe BZX Exchange to list and trade shares of the VanEck Ethereum ETF. The commission will have until May 23 for its final decision on the investment vehicle.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change,” said the SEC.
The announcement followed the SEC <a href="https://cointelegraph.com/news/sec-delays-hashdex-ark-21shares-eth-etfs-approval-hopes-slashed" rel="noopener noreferrer nofollow">pushing deadlines to approve</a>&nbsp;spot Ether ETFs from Hashdex and ARK 21Shares. Bloomberg ETF analyst James Seyffart speculated that the current round of Ether ETF applications with May 2024 deadlines would “ultimately be denied.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/e8589345-d775-405f-a221-7c0cf00a9234.png">
 <figcaption style="text-align: center;">Source:&nbsp;<a href="https://twitter.com/JSeyff/status/1770494252201521155" target="_blank" rel="noopener noreferrer nofollow">James Seyffart</a><a href="https://twitter.com/JSeyff" target="_blank" rel="noopener noreferrer nofollow"></a>
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Reports have suggested that the SEC is <a href="https://cointelegraph.com/news/sec-ether-security-classification" rel="noopener noreferrer nofollow">investigating firms for alleged ties</a> to the Ethereum Foundation as part of efforts to classify Ether as a security. It’s unclear what this investigation could mean for ETH ETF approvals.&nbsp;
Related: <a href="https://cointelegraph.com/news/umoja-seed-round-democratize-wealth-creation" rel="noopener noreferrer nofollow">Ether ETFs may be delayed, as institutions are unprepared — Web3 exec</a>
The commission began approving investment vehicles tied to Ether futures in October 2023, <a href="https://cointelegraph.com/news/spot-ethereum-etf-likely-debut-2024-sec-commodity-analyst" rel="noopener noreferrer nofollow">hinting at the acceptance</a> of the crypto asset as a commodity. The SEC’s delay on VanEck’s application also opened the proposal to public comment.
Jan. 10 marked the first time the SEC began <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals" rel="noopener noreferrer nofollow">allowing U.S. exchanges</a> to list and trade shares of spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) ETFs, with the majority of commissioners approving the rule changes. Two U.S. Senators, Jack Reed and Laphonza Butler, have called on SEC Chair Gary Gensler to <a href="https://cointelegraph.com/news/senators-urge-sec-gary-gensler-reject-further-crypto-etfs" rel="noopener noreferrer nofollow">reject Ether ETF applications</a>, claiming that doing so would present “enormous risks” for retail investors.
Magazine: <a href="https://cointelegraph.com/magazine/ether-etfs-senate-opposition-wright-not-satoshi-dencun-goes-live-hodlers-digest-march-10-16/" rel="noopener noreferrer nofollow">Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10-16</a>

SEC pushes deadline on VanEck spot Ether ETF application

Cointelegraph

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