Federal securities regulators say they need a longer period to consider asset managers Grayscale Investments and BlackRock’s applications for an Ethereum (ETH) exchange-traded fund (ETF).
In a Jan. 24 order, the U.S. Securities and Exchange Commission (SEC) said it is extending the period to rule on a proposed rule change to convert the Grayscale Ethereum Trust (ETHE) product into an ETF.
“On December 5, 2023, the Commission, pursuant to section 19(b)(2) of the Act, established an extended period within which to approve the proposed rule change, disapprove the proposed rule change, or initiate a proceeding to determine whether the proposed rule change should be disapproved. the proposed rule change. This order initiates a proceeding under section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposed rule change.”
The SEC is also delaying publication of its decision on an application filed in November by the Nasdaq Stock Market to list and trade BlackRock’s iShares Ethereum Trust. The securities watchdog says it will decide on the proposal no later than March 10 instead of January 25.
“The Commission deems it appropriate to establish an extended period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Last week, the SEC also issued a notice saying it needs more time to consider approving banking giant Fidelity’s spot market Ethereum ETF. The agency says it is delaying its decision until March 5.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on TweetFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney