Federal securities regulators say they need a longer period to consider asset managers Grayscale Investments and BlackRock’s applications for an Ethereum (ETH) exchange-traded fund (ETF).
In an order dated January 24th, the U.S. Securities and Exchange Commission (SEC) says it is extending the period to decide on a proposed rule change to convert the Grayscale Ethereum Trust (ETHE) product into an ETF.
“On December 5, 2023, pursuant to Section 19(b)(2) of the Act, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change. This order institutes proceedings under Section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposed rule change.”
The SEC is also postponing the issuance of its decision on an application filed by the Nasdaq Stock Market in November to list and trade BlackRock’s iShares Ethereum Trust. The securities watchdog says it will decide on the proposal by March 10th instead of January 25th.
“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.”
Last week, the SEC also issued a notice saying it needs more time to consider approving banking giant Fidelity’s spot market Ethereum ETF. The agency says it is postponing its decision until March 5th.
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Author: Rhodilee Jean Dolor
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