SEC Delays Two Ethereum Spot ETF Proposals from ARK Invest and VanEck
Similar to Bitcoin ETFs, the U.S. Securities and Exchange Commission (SEC) has opted to delay two Ethereum spot ETF proposals from major Wall Street players.
SEC Delays Two Ethereum Spot ETF Proposals from ARK Invest and VanEck
In its latest decision early on September 28 (Vietnam time), the U.S. Securities and Exchange Commission (SEC) announced a postponement of the decision regarding two Ethereum spot ETF proposals from ARK Invest and VanEck. The new deadline has been extended to December 26.
And here's @vaneck_us' delay as expected https://t.co/uloOidbfd1 pic.twitter.com/i4Hhv5yhiR
— James Seyffart (@JSeyff) September 27, 2023
These proposals were respectively announced at the beginning of September, as reported by Coin68.
Interestingly, the SEC chose to delay the two Ethereum spot ETF proposals just under a month after their announcement, instead of the usual 45-day period.
Just the day before, on September 27, the SEC also announced a delay in the decision regarding 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 yet to approve any spot ETF proposals due to concerns over market manipulation and fraud in the cryptocurrency market.
UPDATE: Hearing 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. https://t.co/gKyQFK12aM
— Eric Balchunas (@EricBalchunas) September 28, 2023
Conversely, the SEC has begun reviewing the timeframes for approving Franklin Templeton's Bitcoin spot ETF proposal and Hashdex's mixed crypto ETF proposal.
Bloomberg's ETF analysts believe there is a high likelihood that the SEC will approve Ethereum futures ETFs first, with a probability of approval in October reaching up to 90%.
Over the past two months, the cryptocurrency market has witnessed a surge in Ethereum futures ETF proposals from numerous major companies on Wall Street.
