SEC decision on BlackRock’s spot Ethereum ETF delayed to March

SEC decision on BlackRock’s spot Ethereum ETF delayed to March
фото показано с : invezz.com

2024-1-25 16:11

Asset manager BlackRock will wait longer for the SEC’s decision on its spot Ethereum application after the regulator pushed the verdict by another 45 days. In a filing on January 24, one day before the 25th deadline, the SEC cited the need to receive further comments on the proposed rule change. SEC states,

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.

The postponement means the decision on BlackRock’s spot Ethereum ETF should be expected in March. However, analysts believe the decision could wait longer. According to Bloomberg analyst Eric Balchunas, the SEC will likely decide on all Ether ETFs jointly as it did for spot Bitcoin ETFs. The analyst is expecting a spot Ethereum ETF decision in May, with the SEC having the flexibility to exercise several delays across a 240-day period. The next deadlines that matter for SEC are May 23 and May 24 for applications by VanEck and Ark 21Shares, respectively. Filings by Grayscale and Invesco Galaxy have deadlines on June 18 and July 5, respectively, with Fidelity on August 3.

Mixed expectations on spot Ethereum ETFs

While the market will undoubtedly eagerly await the SEC decision, analysts are divided over the demand for the first of many products giving investors direct exposure to the world’s second-largest cryptocurrency. For BlackRock’s CEO Larry Fink, spot Ether ETFs offer a direct path to tokenisation. The head of Coinbase Institutional says many clients see value in spot Ether products. However, analysts express scepticism over the potential uptake of Ether ETFs, as many institutions may prefer to own the actual Ethereum asset instead. Raoul Pal, CEO of Real Vision, expects the lack of staking yields on Ethereum ETFs to be a deterrent, prompting institutions to prefer the Ethereum asset.

Questions are also asked whether the SEC will be comfortable approving Ethereum ETFs as it did with spot Bitcoin ETFs. SEC chair Gary Gensler has intimated that most cryptos are investment contracts and, thus, fall under security laws. Nonetheless, the regulator has excluded Bitcoin from the controversial classification, terming it a commodity. The categorisation complicates the potential approval of spot Ether ETFs, whose clarity has been lacking. Consequently, Aktai chairperson Bill Tai doesn’t expect approving Ether ETF to be straightforward.

The post SEC decision on BlackRock’s spot Ethereum ETF delayed to March appeared first on Invezz

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sec ethereum decision spot blackrock deadline cited

Источник: invezz.com

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