{"id":11308,"date":"2024-03-05T14:04:51","date_gmt":"2024-03-05T12:04:51","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-delays-decision-on-blackrocks-spot-ethereum-etf-2\/"},"modified":"2024-03-05T14:04:51","modified_gmt":"2024-03-05T12:04:51","slug":"sec-delays-decision-on-blackrocks-spot-ethereum-etf-2","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-delays-decision-on-blackrocks-spot-ethereum-etf-2\/","title":{"rendered":"SEC Delays Decision on BlackRock&#8217;s Spot Ethereum ETF"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nasdaq\/2024\/34-99665.pdf\">extended<\/a> the review period for BlackRock&#8217;s application to launch a spot Ethereum ETF.<\/p>\n<p>The regulator made a similar <a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/cboebzx\/2024\/34-99667.pdf\">decision<\/a> regarding a comparable proposal from Fidelity.<\/p>\n<p>The Commission will continue to collect public comments.<\/p>\n<p>Both investment giants submitted applications to register exchange-traded funds based on the spot price of the second-largest cryptocurrency by market capitalization in November 2023.<\/p>\n<p>In January, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">approved<\/a> similar Bitcoin products. BlackRock and Fidelity were among the 11 issuers of these ETFs.<\/p>\n<p>Experts are divided on when the regulator will make a favorable decision on exchange-traded Ethereum instruments.<\/p>\n<p>Some are <a href=\"https:\/\/u1f987.com\/en\/news\/hester-peirce-advocates-for-spot-ethereum-etf-approval-without-court-ruling\">betting on May<\/a>, when the deadline for considering several applications, including those from VanEck and Grayscale, will arrive.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">SEC just delayed <a href=\"https:\/\/twitter.com\/InvescoUS?ref_src=twsrc%5Etfw\">@InvescoUS<\/a> &#038; <a href=\"https:\/\/twitter.com\/galaxyhq?ref_src=twsrc%5Etfw\">@galaxyhq<\/a>&#8216;s <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> ETF. 100% expected and more delays will continue to happen in coming months. <\/p>\n<p>The only date that matters for spot <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#ethereum<\/a> ETFs at this time is May 23rd. Which is <a href=\"https:\/\/twitter.com\/vaneck_us?ref_src=twsrc%5Etfw\">@vaneck_us<\/a>&#8216;s final deadline date <a href=\"https:\/\/t.co\/gkVZL2QuPK\">pic.twitter.com\/gkVZL2QuPK<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1754941423411949596?ref_src=twsrc%5Etfw\">February 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bloomberg analyst Eric Balchunas assessed the chances of approval at <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-creek-ceo-skeptical-of-imminent-approval-for-spot-ethereum-etfs\">70%<\/a>. His colleague James Seyffart <a href=\"https:\/\/u1f987.com\/en\/news\/sec-delays-decision-on-blackrocks-spot-ethereum-etf\">offered<\/a> a more conservative forecast. The expert categorically dismissed optimists&#8217; hopes for March, even <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-analyst-bets-against-march-approval-of-ethereum-etf\">betting<\/a> against it with 4 ETH.<\/p>\n<p>Analysts from <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-below-43000-amid-etf-criticism\">JPMorgan<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/analysts-doubt-imminent-approval-of-spot-ethereum-etfs\">TD Cowen<\/a> also expressed doubts about the imminent approval of an Ethereum ETF.<\/p>\n<p>Morgan Creek CEO Mark Yusko <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-creek-ceo-skeptical-of-imminent-approval-for-spot-ethereum-etfs\">suggested<\/a> it might happen in May, but with less than a 50% chance. He cited the SEC&#8217;s ongoing hostility towards cryptocurrencies as the reason.<\/p>\n<p>A similar view was expressed by prominent industry lawyer Jake Chervinsky.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m not saying for certain that the spot ETH ETF won\u2019t be approved by May 23.<\/p>\n<p>I\u2019m just saying that the legal issues and policy environment in DC make denial (or an SEC request to withdraw) more likely than general sentiment suggests.<\/p>\n<p>\u201cBlackrock always wins\u201d is a lazy bull take.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1764389088528855175?ref_src=twsrc%5Etfw\">March 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe legal issues and political environment in the capital make denial (or an SEC request to withdraw) more likely than general sentiment suggests. &#8216;BlackRock always wins&#8217; is a simplistic view,\u201d the expert wrote.<\/p>\n<\/blockquote>\n<p>Travis Kling, founder of Ikigai Asset Management, partly agrees. The entrepreneur noted the absence of active communication between the Commission and potential issuers, unlike before the registration of Bitcoin ETFs. For this reason, he considers a postponement of the regulator&#8217;s decision to August most likely.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I don\u2019t think there\u2019s much of an expectation for a May approval. That\u2019s not at all what\u2019s priced in here. You haven\u2019t seen the type of movements you\u2019d expect between the filers and the SEC if it was going to be May.<\/p>\n<p>Folks are more circled up around the Aug deadline. To the\u2026<\/p>\n<p>\u2014 Travis Kling (@Travis_Kling) <a href=\"https:\/\/twitter.com\/Travis_Kling\/status\/1764439769738510608?ref_src=twsrc%5Etfw\">March 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In April, S&#038;P Global Ratings <a href=\"https:\/\/u1f987.com\/en\/news\/experts-warn-of-risks-in-spot-ethereum-etfs\">identified risks<\/a> for the Ethereum ecosystem in the potential emergence of spot ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) extended the review period for BlackRock&#8217;s application to launch a spot Ethereum ETF. The regulator made a similar decision regarding a comparable proposal from Fidelity. The Commission will continue to collect public comments. Both investment giants submitted applications to register exchange-traded funds based on the spot price of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[865,569,46,1248,128],"class_list":["post-11308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blackrock","tag-etf","tag-ethereum","tag-fidelity-investments","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11308"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11307"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}