What’s the Delay About?
The United States Securities and Exchange Commission (SEC) has decided to hit the snooze button on its decision-making regarding spot Ether (ETH) exchange-traded fund (ETF) applications from ARK 21Shares and VanEck. In an official notice filed on September 27, the SEC announced that it would extend the deadline to approve or disapprove the proposed rule changes meant to allow spot ETH ETFs to grace the Cboe BZX Exchange.
The New Deadlines
Mark your calendars! The SEC has pushed the deadlines for a final decision to December 25 and December 26, respectively. Yes, that’s right, your holiday excitement might be intertwined with some crypto regulations!
Why the Wait?
The Commission, in its infinite wisdom, 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.” Sounds like a bureaucratic way of saying, “We’re not ready yet!”
Coinciding Changes from Nasdaq
The plot thickens — on the same day the SEC made its announcement, the Nasdaq Stock Market also filed a proposed rule change for listing its mixed ETH ETF, which cleverly combines spot Ether holdings with futures contracts. Talk about multitasking in the crypto world!
Other ETF Moves
On September 27, several other firms submitted proposals for different crypto ETFs, including the Grayscale Ethereum Futures Trust and Franklin Bitcoin ETF, making it a busy day in the world of virtual assets.
Previous Trends and Market Speculation
In a moment of insightful speculation, ARK Investment Management’s own Cathie Wood previously suggested that the SEC might consider approving multiple spot ETF applications simultaneously. The reasoning? To keep things fair and square among competing firms. Before that, the SEC made waves by deciding to review Grayscale Investments’ court victory regarding its spot Bitcoin ETF application.
Historical Context
So far, the SEC has never granted approval to a spot crypto ETF in the U.S., instead favoring those linked to crypto futures. With upcoming decisions on applications from industry giants like BlackRock and Fidelity coming in October, it’s a crucial period for cryptocurrency regulation.
Conclusion: The Waiting Game
In conclusion, while the SEC continues to keep us on the edge of our seats, the buzz around spot Ether ETFs is palpable. Will the bureaucratic giants finally release their grip on our crypto dreams? Stay tuned for the holiday season!
