The VanEck Ethereum ETF will now have a later deadline as the SEC has once again delayed making a judgment on an ETH ETF.
The SEC announced in a recent filing that it would extend the deadline for making a judgment to May 23 and that it was seeking public input on the subject. This demonstrates the agency’s circumspect stance on cryptocurrencies. The SEC stated in the filing.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1, and the issues raised therein”
The delay is consistent with previous delays for the ARK 21Shares Ethereum ETF and the Hashdex Nasdaq Ethereum ETF, indicating a trend of reluctance on the part of the regulatory body to approve crypto-based ETFs.
There has been a lot of interest in the expected spot Ethereum ETF decision, mostly since big companies like Fidelity and BlackRock have applied for these products, which have also been postponed.
But recently, there has been less hope; Bloomberg ETF analyst Eric Balchunas reduced his prediction for the chance of approval by May from roughly 70% to 35%.
An intensified examination of the cryptocurrency market coincides with the SEC’s string of delays. The Ethereum Foundation notably revealed that it has received a voluntary and private probe from an undisclosed state agency.
