SEC Pushes Back Latest Deadline for BlackRock Spot Ether ETFs

SEC Delays Decision on BlackRock’s Ether ETF Petition Until March 10, 2024 for Full Evaluation.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on BlackRock’s request for a spot Ether ETF until March.

BlackRock, the world’s largest fund manager, filed an application for an ethereum spot ETF (ETF) in November.

U.S. Securities and Exchange Commission (SEC) Delays Decision on BlackRock Spot Ether ETF

BlackRock’s decision to apply for an Ether ETF, originally scheduled for January 25, has been delayed until March 10, 2024, according to a filing on the SEC’s website.

The SEC filing explains that the Commission believes it is appropriate to extend the time to act on the proposed rule change to ensure that there is sufficient time to fully evaluate the proposal and related issues.

Larry Fink, CEO of BlackRock, expressed his views in an interview with CNBC, noting the value he sees in owning an Ether ETF. Fink emphasized that the approval of such a fund represents an important step in pass-through.

This comes on the heels of the U.S. Securities and Exchange Commission’s (SEC) recent approval of nearly a dozen bitcoin ETFs in stock. Three commissioners (Hester Peirce, Mark Uyeda, and Chairman Gary Gensler) expressed favor for these products.Bitcoin Miner

BlackRock’s spot Bitcoin ETF was approved on January 10th and began trading the following day. The iShares Bitcoin Trust with BlackRock has proven to be the most successful of the 10 liquid ETFs, with $1.7 billion in assets under management.

Spot Ether ETF Decision May Be Further Delayed

On January 19, the Commission decided to delay its decision on Fidelity’s application to launch a spot Ether ETF, setting a new deadline of March. a number of firms, including Ark Invest, Grayscale, and BlackRock, have filed to launch spot Ether-based funds, and Fink has expressed its support for the product category.ETC mining

JPMorgan has expressed skepticism about the SEC approving such funds in the spring of 2024, citing uncertainty over the status of ethereum.

Bloomberg Intelligence ETF analyst James Seyffart expects continued delays in spot approval for ethereum ETFs, suggesting potential regulatory complexities involving not only industry participants, but also the Commodity Futures Trading Commission (CFTC), should SEC Chairman Gary Gensler seek to regulate ethereum. He emphasized that the challenges could outweigh the benefits.

As Fox Business News reporter Eleanor Terrett recently mentioned, the media expects the Ether ETF spot to be approved by late summer 2024.

While Terrett acknowledged the complexities of ethereum’s “opaque” status, her sources expressed the opposite opinion. According to the source, the CFTC has classified Ether as a commodity.