SEC Postpones ARK Invest and VanEck’s Ethereum Spot ETF Proposals
In a move reminiscent of its recent delay in the decision on Bitcoin ETFs, the U.S. Securities and Exchange Commission (SEC) has once again chosen to postpone its ruling on two Ethereum spot ETF proposals put forth by major players on Wall Street. In the latest announcement on September 28, the SEC disclosed the decision to delay the verdict on Ethereum ETF proposals from ARK Invest and VanEck, with the new deadline set for December 26. These proposals were introduced just at the beginning of September, as previously reported by AZCoin News.
What makes this development particularly intriguing is the fact that the SEC has opted to delay the Ethereum ETF proposals in less than a month after their submission, rather than adhering to the typical 45-day timeline.
— James Seyffart (@JSeyff) September 27, 2023
On the preceding day, September 27, the SEC also announced a delay in its decision on two Bitcoin spot ETF proposals from ARK Invest and Global X.
Under the leadership of Chairman Gary Gensler, the U.S. Securities and Exchange Commission has, up until this point, refrained from approving any spot ETF proposals, expressing concerns over market manipulation and fraud within the cryptocurrency market.
Conversely, the SEC has initiated the review process for Franklin Templeton’s Bitcoin spot ETF proposal and Hashdex’s mixed-crypto ETF proposal.
Bloomberg’s ETF analysts have speculated that the SEC is more likely to approve Ethereum futures ETFs first, with a high probability of approval as early as October, estimated to be as high as 90%.
The decision to delay these ETF proposals underscores the SEC’s cautious approach to cryptocurrency-related financial products and its commitment to ensuring market integrity. While the cryptocurrency community eagerly awaits regulatory clarity, it remains to be seen how these delays will impact the broader adoption and legitimacy of Ethereum-based ETFs in the U.S. market.
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