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SEC Delays Decision on BlackRock’s Spot Ethereum ETF Application\
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The U.S. Securities and Exchange Commission has delayed its decision on BlackRock’s spot Ethereum exchange-traded fund (ETF) application to March.
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New Decision Deadline\
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According to the SEC’s latest filing, the new decision deadline for BlackRock’s spot Ethereum ETF is set to be March 10, 2024. The Commission will then approve, disapprove, or institute proceedings to determine whether the proposed rule change should be disapproved.
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Reasons for Postponement\
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“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,” wrote the SEC.
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Delays Expected in Spot Ethereum ETF Decision\
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In response to the postponement announcement, Bloomberg Intelligence ETF analyst James Seyffart stated that the delayed decision was within anticipation.
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“Spot Ethereum ETF Delays will continue to happen sporadically over the next few months,” said Seyffart. “Next date that matters is May 23rd.”
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Fidelity’s Spot Ethereum ETF Postponement\
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Fidelity’s spot Ethereum ETF was also postponed by the SEC. On Jan. 18, the Commission announced the delay in its filing and pushed the decision deadline to March 5.
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“Completely expected,” Seyffart commented so regarding Fidelity’s application.
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Goldman Sachs’ Optimism\
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Goldman Sachs’ Global Head of Digital Assets, Mathew McDermott, expressed optimism about the potential approval of spot Ethereum ETFs in the coming months. During a recent CNBC interview, McDermott emphasized the critical factor determining the approval, “A big question naturally centers around whether it’s perceived to be a security or not,” McDermott stated, adding, “I think that will ultimately be determined, and on whether it gets approved.” McDermott noted the cost-effective nature of investing in Bitcoin through these ETFs compared to direct crypto investment.
“Seeing big, regulated institutions having that ability to issue Bitcoin ETFs is a very powerful statement for the market,” said McDermott.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
