Bitcoin

SEC Postpones Multiple Ethereum ETFs, Pushes Final Decision to May

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several Ethereum (ETH) exchange-traded funds (ETFs) until May 2024.

In several regulatory filings on December 18, the agency postponed a decision on the Hashdex Nasdaq Ethereum ETF and Grayscale Ethereum Futures ETF.

While the Hashdex Ether ETF aims to hold both spot Ether and futures contracts, Grayscale’s Ethereum Futures ETF is considered a “Trojan Horse” by the SEC allowing Grayscale to convert its Ethereum Trust into a spot Ethereum ETF.

In the filing, the agency said it is beginning the process of gathering additional public input on whether the ETF should be listed.

The agency also withdrew its decision on the VanEck Spot Ethereum ETF and the Spot Ethereum ETF filed by Cathie Wood’s ARK Invest and 21Shares.

The delay was “expected” and was scheduled to arrive before December 25, according to Bloomberg ETF analyst James Seyffart.

He added that the final date for regulators to make a decision on the ETF would arrive at the end of May.

Despite approving an Ethereum futures ETF in the past, the SEC has yet to approve a spot or hybrid product.

Related: SEC postpones decision deadline for Grayscale spot Ether ETF

Meanwhile, most markets are focused on whether the SEC will approve 13 spot Bitcoin (BTC) ETFs before the agency does. According to Seyffart and his fellow Bloomberg ETF analyst Eric Balchunas, the SEC could do A decision will be made as early as January 10th

Both analysts estimated the odds of spot Bitcoin ETF approval at 90%. The market rose on the back of optimism following the institutional approach to Bitcoin. Over the past six months, Bitcoin price has risen more than 44%.

While touting slightly less significant gains, Ether’s price rose 16.8% over the same period, according to TradingView data.

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