The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on the spot Ethereum ETFs applications submitted by Hashdex and ARK 21Shares.
According to details revealed in recent filings, the regulatory body is taking additional time to consider the potential impact and regulatory concerns associated with the proposed Ethereum ETFs.
“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 and the issues raised therein,” the file reads.
The SEC has designated May 30, 2024 as the new decision date to approve or disapprove the applications.
Bloomberg Analysts Not Hopeful for ETH ETF Approval
Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas have both expressed their calibrated predictions of the pending approvals, expecting a potentially persisting denial in May.
“Our odds of eth ETF approval by May deadline are down to 35%,” stated Balchunas. “I get all the reasons they SHOULD approve it (and we personally believe they should) but all the signs/sources that were making us bullish 2.5mo out for btc spot are not there this time.”
My cautiously optimistic attitude for ETH ETFs has changed from recent months. We now believe these will ultimately be denied May 23rd for this round. The SEC hasn’t engaged with issuers on Ethereum specifics. Exact opposite of #Bitcoin ETFs this fall. https://t.co/TyAzAOrAC5
— James Seyffart (@JSeyff) March 19, 2024
Seyffart seconded the statement, saying, “My cautiously optimistic attitude for ETH ETFs has changed from recent months. We now believe these will ultimately be denied May 23rd for this round.”
The analysts believed that the SEC’s scarce interactions with the Ethereum ETF applicants signaled that the authority’s attitude is “exact opposite” of the previously approved spot Bitcoin ETFs.
SEC Might Delay More Applications Soon
In addition, Seyffart shared on social media that the SEC would delay its decision on other applications soon.
We are likely going to see at least 3 more #ethereum ETF delays today/tomorrow.
VanEck, Ark/21Shares, Hashdex & Grayscale are all due for delays in the next ~12 days https://t.co/xsQEWWPrPR
— James Seyffart (@JSeyff) March 19, 2024
“We are likely going to see at least 3 more ethereum ETF delays today/tomorrow,” said the analyst. “VanEck, Ark/21Shares, Hashdex & Grayscale are all due for delays in the next ~12 days.”
The post SEC Delays Decision on Ethereum ETFs from Hashdex and ARK 21Shares appeared first on Cryptonews.
