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SEC Grants More Time for BlackRock's Ethereum ETF Decision

SEC Extends Deadline for BlackRock's Ethereum ETF Decision to March

Jan 25, 2024
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The Securities and Exchange Commission pushes the decision date for the iShares Ethereum Trust to March 10, citing the need for a thorough evaluation.

In a recent filing, the Securities and Exchange Commission (SEC) has decided to postpone the decision timeline for BlackRock's proposal to launch a spot Ethereum exchange-traded fund (ETF) until March. The regulatory body expressed the necessity for an extended period to carefully assess the proposed rule change and address the raised concerns.

According to the filing made on Wednesday, the SEC is allocating more time to ensure a comprehensive evaluation of the iShares Ethereum Trust. The new deadline for the SEC to either approve, disapprove, or initiate additional proceedings on the proposed fund is now set for March 10.

BlackRock had initially filed for its spot Ethereum ETF, known as the iShares Ethereum Trust, in November. Concurrently, Fidelity's application for the Fidelity Ethereum Fund also faced a delay, as outlined in a filing released last week.

Bloomberg Intelligence ETF analyst James Seyffart predicts that delays in spot Ethereum ETF proposals will persist sporadically over the next few months. In a post on X, Seyffart highlighted the upcoming significant date of May 23.

Crypto experts remain divided in their outlook on the approval of a spot ether ETF. Some are optimistic, anticipating approval as early as May, especially following the recent approval of spot bitcoin ETFs. However, SEC Chair Gary Gensler dampened expectations for other crypto-linked exchange-traded products during a media briefing earlier on Wednesday.

"As I said two weeks ago, that which we did with regard to bitcoin exchange-traded products is cabined to this one commodity non-security and shouldn't be read to be anything other than that," clarified Gensler, providing insights into the SEC's stance on crypto-related financial instruments.

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