SEC Postpones Decision on Multiple Spot Ether ETF Applications
- The SEC has postponed its decision on Ether spot ETF applications from ARK 21Shares and VanEck.
- It said that it had received no public comments on either proposal and would push the deadlines.
- The new deadlines for approvals stand at December 25 and December 26.
- Bloomberg ETF analyst Eric Balchunas claims that an Ether futures ETF approval if very likely.
The United States Securities and Exchange Commission (SEC) is incapable of making a decision when it comes to the approval of spot cryptocurrency exchange-traded funds (ETFs) based on the top two cryptocurrencies in the market, Bitcoin (BTC) and Ether (ETH). The securities regulator has decided to postpone its decision on Ether spot ETF applications from ARK 21Shares and VanEck.
As per the latest turn of events, the SEC has postponed its decision regarding the approval of applications filed by ARK and 21Shares along with VanEck for their respective spot Ether ETFs and attracted criticism from the industry.
The SEC revealed the delay via two separate notices filed on September 27, wherein it said that it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Exchange.
The regulator argued that it had received no public comments on either proposal and would therefore push the deadlines for the two to December 25 and December 26. Interestingly, many industry experts have stated that a spot ETF focused on Bitcoin or Ether could initiate a new upward motion for the crypto sector.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” said the SEC.
Interestingly, Bloomberg’s ETF analyst Eric Balchunas stated via an official post on social media platform X (formerly known as Twitter) that “the SEC wants to accelerate the launch of Ether futures ETFs (bc they want it off their plate bf shutdown), so they’ve asked the filers to update their docs by Fri pm (no small task to jam into 48hrs, esp for indie issuers), so they can go eff Mon and trade Tue.”
Balchunas has stated that it is very likely that the regulator will approve Ether Futures ETF applications in the near future. As reported earlier by BitcoinWisdom, US lawmaker Tom Emmer believes that SEC Chair Gary Gensler’s previous banking experience makes him a partial regulator, adding that he is loyal to top financial institutions.