Following the spot Bitcoin ETF decision, the SEC also postponed its decision on ARK’s spot Ethereum ETF application. Additionally, VanEck’s decision regarding the Ethereum ETF application has also been delayed. Regulatory agency continues to stand in the way of crypto. This successive development did not cause a reaction in the market. However, it made the experts say ‘enough is enough’.
SEC postpones decision on ARK 21Shares Ethereum ETF
The US Securities and Exchange Commission made a statement regarding the issue on Wednesday. Accordingly, he stated that he would postpone a decision regarding the proposed ARK 21Shares Ethereum ETF. In this context, he underlined the following issues as the justification for the decision:
In order to have sufficient time to consider the proposed rule change and the issues raised herein, the Commission finds it appropriate to establish a longer period for taking action on the proposed rule change.
Experts have come to the point of saying ‘enough is enough’!
With this postponement decision, it set 26 December as the deadline for the new decision. SEC 2’s decision created surprise in the market. James Seyffart, Bloomberg’s ETF expert, said ‘enough is enough’ in the face of this development. Seyffart shared the following comment on the SEC’s postponement of ARK’s spot Ethereum ETF decision:
Wow. We thought this would be enough for us today. However, the SEC also delayed ARK Invest 21Shares’ application for Ethereum. However, this application would not be decided until the beginning of November anyway. Now we expect VanEck’s application to be postponed…
The SEC does this often!
The U.S. Securities and Exchange Commission (SEC) is currently considering spot crypto exchange-traded fund (ETF) applications from Franklin Templeton and Hashdex. He also announced delays in VanEck and ARK’s decisions to approve Ethereum ETF applications. According to filings with the SEC, Franklin Templeton has filed for a spot Bitcoin ETF, while Hashdex has filed for a spot Ethereum ETF.
The SEC has up to 240 days from the date the application is filed in the Federal Register to approve or reject an ETF. This would place the decision date for these proposed funds in late May 2024. There will be several interim deadlines during which it can seek additional public feedback and thus delay the final decision. As you follow on Kriptokoin.com, the Commission frequently postpones decisions in order to use the full 240 days. The decision on ETF applications of companies such as BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets is expected to be taken in mid-October.
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