The Securities and Exchange Commission is delaying a decision on whether to approve Grayscale. Ethereum ETH
+1.47%
The SEC said it was extending the decision timeline for the proposed fund by 45 days, until Jan. 25, according to a filing Tuesday.
“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.
Bloomberg Intelligence analyst James Seyffart wrote to
latest delay
The SEC also recently postponed a decision on the proposed offering. Hashdex A Nasdaq Ethereum ETF that plans to hold both spot Ethereum and futures contracts. Other companies are also exploring launching spot ether ETFs. black stoneSubject to regulatory approval.
grayscale investment contaminated Form 19b-4 to convert Grayscale Ethereum Trust to spot ETF in October. that The Trust was launched in March 2019 and became a voluntary SEC reporting company in October 2020.
It is currently the largest ETH investment vehicle in the world, with approximately $5 billion in assets under management, representing 2.5% of all ETH in circulation.
Grayscale and others were also seeking SEC approval for what would be the first U.S. spot Bitcoin ETF. Regulators have yet to approve any spot Ethereum or Bitcoin funds, and decisions on all applications received have been delayed so far.
BlackRock and Bitwise filed amendments to their S-1 filing for a spot Bitcoin offering with the SEC on Monday.
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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.