The Securities and Exchange Commission has postponed the deadline for a decision on Fidelity’s spot offering. Ethereum ETH
-2.16%
“The Commission has determined that it is appropriate to specify a longer period for taking action on the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised thereunder,” the SEC said.
Fidelity applied for the Fidelity Ethereum Fund last November, citing a court ruling last year in which a judge said the SEC had found no consistent reason to reject spot cryptocurrency ETFs while allowing futures-based products.
The SEC will now have more time to decide whether to approve, disapprove, or initiate proceedings.
Delays were expected
Bloomberg Intelligence ETF analyst James Seyffart said the SEC’s move to delay was expected.
“The Fidelity #ethereum ETF has just been postponed. Totally expected. I think the really important date is the end of May,” Seyffart wrote. post At X.
Last week, the SEC approved trading in 11 spot Bitcoin ETFs, and some in the industry reacted: I’m curious Whether a spot Ethereum ETF is next.
Fidelity joined fellow giant BlackRock in the race for a spot Ethereum ETF late last year. One month before the companies apply for the spot product, ether futures ETF Went live.
“The fact that they have allowed the listing of futures-based ETFs is enough to say that they are thinking about ether the same way they think about Bitcoin, and we can probably infer that they are thinking that it is not a security and will not regulate it. Yes, Stuart Barton, co-founder of Volatility Shares, said last week:
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About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.