SEC pushes deadline for decision on Grayscale spot Ether ETF
The United States Securities and Exchange Commission has delayed its decision on whether to approve a Spot Ether (ETH) exchange-traded fund, or ETF, from asset manager Grayscale.
In a Dec. 5 announcement, the SEC said it would give NYSE Arca an extended period to approve or reject a rule change that would allow it to list and trade shares of the Greyscale Ethereum Trust. The commission's announcement is the first since an appeals court ordered the SEC to review Greyscale's Bitcoin (BTC) ETF offering in October.
“The Commission finds it appropriate to set aside an extended period of time to act on the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said. “Accordingly, the commission […] In the year It states that January 25, 2024 is the date the Commission will begin the process of deciding whether to approve or disapprove or reject the proposed rule.
Update: As expected @Grayscale's Ethereum trust registration has been delayed. It was on 12/6/23 so this is completely normal. pic.twitter.com/I6LXMZIGGN
— James Seyff (@JSeyff) December 5, 2023
Related: Grayscale Bitcoin Trust Aims to Turn ETF into Narrow Offer
Although the SEC has never approved a BTC or ETH exchange-traded fund to list on a US exchange, it has given the green light to investment vehicles related to crypto futures. Bloomberg ETF analyst James Seifert speculated that if the commission decides to approve the Spot BTC ETF, funding from multiple firms could move forward at once.
Greyscale originally filed with the SEC to convert Greyscale Ethereum Trust shares into a spot ether ETF in October, adding its name to a list of companies awaiting a decision from the regulator. At the time of publication, applications from firms included spot crypto ETFs BlackRock, Hashdex, ARK 21Shares, Invesco Galaxy, VanEck and Fidelity.
Magazine: Bitcoin ETF Seed Has New Player, Binance Ends BUSD Support, and More: Hodler's Digest: November 26 – December 2
