The US Securities and Exchange Commission (SEC) is postponing its decision on bids to create Ethereum (ETH) exchange-traded funds (ETFs) from two asset managers.
In a new memo filed earlier this week, the regulator says it will delay the date for approving ETH ETF applications by financial giants Hashdex and Ark 21Shares from March 31 to May 30 – a delay of 60 days.
According to the SEC, it needs more time to consider the possibility of an exchange-traded product (ETP) centered around the leading smart contract platform.
“The Commission believes that it is appropriate to designate an extended period within which an order approving or disapproving the proposed rule change may be issued to allow it sufficient time to consider the proposed rule change and the issues raised therein. to consider.
Accordingly, in accordance with section 19(b)(2) of the Act10, the Commission designates May 30, 2024 as the date on which the Commission will approve or disapprove the proposed rule change.”
ETFs provide investors with exposure to assets without having to purchase them directly.
Bitcoin (BTC) ETFs were approved by the SEC in January after years of rejections, after the regulatory body was forced to reconsider its decision in court when a judge ruled that it should remain consistent with its previous decision to greenlight BTC futures ETFs to give.
Bitcoin ETFs have seen billions of dollars in inflows since their launch earlier this year, and their adoption has coincided with significant BTC rallies.
Ethereum is trading at $3,303 at the time of writing, up marginally over the past 24 hours.
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