Are you curious about the status of spot Ether ETF applications in the U.S.? In a recent turn of events, the United States Securities and Exchange Commission (SEC) has postponed its decision on the spot Ether (ETH) exchange-traded fund applications submitted by ARK 21Shares and VanEck.
SEC’s Decision Delay
The SEC disclosed in notices filed on September 27th that it would extend the timeframe for deciding on a proposed rule change, which, if approved, would pave the way for spot ETH ETFs from VanEck and ARK 21Shares to be listed on the Cboe BZX Exchange. Interestingly, the commission received no public comments on either proposal. The deadlines for another delay or decision have been pushed to December 25th and 26th, respectively.
The SEC stated, “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.”
Concurrent Developments
On the same day, the Nasdaq Stock Market filed a proposed rule change with the SEC to list its mixed ETH ETF, a blend of spot Ether holdings and futures contracts. Furthermore, proposed rule changes were also filed with the New York Stock Exchange Arca for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF, and with the Cboe BZX Exchange for the Franklin Bitcoin ETF.
In another development, the SEC announced on September 26th that it would extend the period to reach a decision on spot Bitcoin (BTC) ETF applications from ARK 21Shares and GlobalX.
Future Implications
ARK Investment Management founder and CEO Cathie Wood speculated in August that the SEC’s approval of spot ETFs could lead to multiple listings at once, preventing any single company from gaining a market advantage. This speculation followed Grayscale Investments’ court victory over the SEC regarding its spot Bitcoin ETF application, which is likely to be reviewed again.
So far, the SEC has not approved any spot crypto ETF in the U.S. but has permitted the listing of crypto-linked futures ETFs and a leveraged Bitcoin futures ETF. The next deadlines for spot crypto ETF applications from firms including BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, and Fidelity are scheduled for October.
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