BlackRock and Fidelity face postponed decision by SEC
The U.S. Securities and Exchange Commission (SEC) has once again delayed making a decision on BlackRock and Fidelity’s applications to launch Ethereum spot ETFs. The announcement was made on the regulator’s website, with the SEC pushing back the decision date and seeking input from market participants.
This is the second time the decision has been postponed, with the first delay occurring in January 2024. The SEC has the option to change the decision date a total of three times.
Bloomberg analyst James Seyffarth suggests that the Ethereum spot ETFs could potentially be available on the market by May 23, 2024. This is also the deadline for the SEC to issue a decision on VanEck’s application for a spot Ethereum ETF.
In February, Franklin Templeton, a prominent American investment fund managing $1.5 trillion in assets, joined the list of applicants for an Ethereum ETF. The company plans to use Coinbase as a custodian for storing the ETH, and the Franklin Ethereum ETF units will be traded on the Chicago Board Options Exchange (CBOE).
Despite the SEC’s decision delay, the price of Ethereum remains unaffected. In fact, the cryptocurrency has seen a 7% increase in the past 24 hours, currently trading above $3,700, according to CoinMarketCap.
This surge in ETH follows the recent rally of Bitcoin, which came close to its all-time high on March 4, reaching $68,770.
Source: CoinMarketCap
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