The US Securities and Exchange Commission (SEC) has delayed reaching a decision on whether or not to approve the Ethereum (ETH) spot exchange-traded fund applications from ARK 21Shares and VanEck.
In separate notices filed on September 27, the Securities and Exchange Commission (SEC). He said A longer period will determine whether or not to approve the proposed rule change that would allow VanEck’s ETH spot ETFs and ARK 21Shares to be listed on the Cboe BZX exchange. The committee said it had not received any public comments on either proposal and would postpone the deadlines for a further postponement or decision to December 25 and 26, respectively.
“The Commission believes it is appropriate to establish a longer period for action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said.
The delay came the same day on the Nasdaq Stock Market foot A proposed rule change with the SEC to include a hybrid ETH ETF – a mix of Ether spot and futures holdings. Proposed rule changes were also filed with the New York Stock Exchange Arca for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF, and the Cboe BZX Exchange for the Franklin Bitcoin ETF on September 27.
The SEC announced on September 26 that it will provide a longer period to reach a decision on spot Bitcoin (BTC) ETF applications from ARK 21Shares and GlobalX. The committee provided the notice weeks before the next deadlines for both investment vehicles, pushing the final decision on the ARK 21Shares ETF to January.
– James Seyff (@JSeyff) September 27, 2023
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In August, ARK Investment Management founder and CEO Cathie Wood predicted that if the SEC moves forward with immediate approvals for ETFs, it may allow multiple companies to be listed at once to avoid giving any single company an advantage over another in the market. . Her comments came before Grayscale Investments won a court battle with the Securities and Exchange Commission over its Bitcoin exchange-traded fund application, which will likely be reviewed.
To date, the SEC has never approved a spot cryptocurrency ETF in the US, but it has allowed cryptocurrency-related futures ETFs to be listed as well as a bitcoin futures ETF. The next deadlines for spot cryptocurrency ETF orders from companies including BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, and Fidelity are scheduled for October.
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