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SEC delays decision on Ethereum ETFs from Hashdex and ARK 21Shares

Many investors and market participants are waiting for the approval of these ETFs, which could open the door to greater institutional acceptance of Ethereum.

Date: 2024-03-20 Author: Łukasz Michałek
SEC delays decision on Ethereum ETFs from Hashdex and ARK 21Shares

Ethereum ETF applications from Hashdex and ARK 21Shares have been delayed again by the US Securities and Exchange Commission (SEC).

According to information disclosed in the latest filings, the regulator intends to spend more time investigating the possible impacts and regulatory issues associated with the planned Ethereum ETFs.

The filing reads: “The Commission believes that a longer deadline should be set for issuing an order approving or rejecting the proposed rule change in order to have sufficient time to consider the proposed rule change and the issues it raises.”

TheSEC has set May 30, 2024 as the new date for its decision to approve or reject the proposals.

Bloomberg analysts are not hopeful for ETH ETF approval

Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas provided their calibrated predictions for pending approvals, expecting a potentially lingering rejection in May.

“Our chances of eth ETF approval before the May deadline have fallen to 35%,” – Balchunas stated. “I understand all the reasons why they SHOULD approve it (and we personally think they should), but this time there are no signs/resources that told us to have expectations in the case of the BTC ETF.”

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“My cautiously optimistic stance on ETH ETFs has changed in recent months,” Seyffart said. At this point, we believe that they will ultimately be rejected…”

Analysts believed that the SEC’s infrequent meetings with applicants for Ethereum ETFs indicated that the authority’s behavior is “exactly different” from that of previously approved Bitcoin ETFs.

In addition, Seyffart reported on social media that the SEC’s decision on additional applications would be delayed in the near future.

“Today/tomorrow we are likely to see at least 3 more delays for ETF ETFs,” he – the analyst said. “VanEck, Ark/21Shares, Hashdex and Grayscale will see delays in the next ~12 days.”

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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