The U.S. Securities and Exchange Commission (SEC) has once again pushed back its decision on the VanEck Ethereum ETF, extending the deadline to May 23 and signaling a cautious stance toward cryptocurrency.
In a recent filing, the SEC cited the need for additional time to review the proposed rule change and invited public comments on the matter. This delay underscores the regulatory body’s careful approach to crypto-related investment products.
This postponement follows similar delays for other Ethereum ETFs, including the Hashdex Nasdaq Ethereum ETF and the ARK 21Shares Ethereum ETF, indicating a trend of hesitancy in approving such instruments.
The prospect of a spot Ethereum ETF has generated considerable anticipation, particularly as major firms like Fidelity and BlackRock have submitted applications for similar products, all of which have faced delays.
However, recent developments have tempered optimism, with Bloomberg ETF analyst Eric Balchunas revising down the likelihood of approval by May from around 70% to 35%.
The SEC’s repeated delays coincide with heightened scrutiny of the crypto industry. Notably, the Ethereum Foundation revealed that it had received a voluntary and confidential inquiry from an undisclosed state authority.
The prolonged decision-making process reflects the SEC’s careful consideration of the implications of Ethereum ETFs and their potential impact on investors and the broader financial market.
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