- SEC has delayed decision on VanEck’s proposed spot Ethereum ETF, extending review period to May 2024 and seeking public comments
- SEC has already delayed decisions on other proposed spot Ethereum ETFs this week from Hashdex and 21Shares
- No spot cryptocurrency ETFs have been approved by SEC yet; existing Bitcoin and Ethereum ETFs are all futures-based rather than backed directly by the cryptocurrencies
The Securities and Exchange Commission (SEC) has delayed its decision on yet another proposed spot Ethereum exchange-traded fund (ETF), extending the timeline for the VanEck Ethereum Trust ETF.
SEC Extends Review Period, Seeking Public Feedback
In a new filing, the SEC stated that it is extending the typical 240-day review period for the VanEck Ethereum ETF in order to fully consider the proposal. The SEC said it needs more time and is seeking public comments before making a final decision.
The review period has been extended to May 23, 2024. This will allow the SEC over 300 days to review VanEck‘s spot Ethereum ETF proposal.
Uncertain Future for Spot Ethereum ETF Approval
The chances of the SEC approving a spot Ethereum ETF appear to be diminishing. The SEC has already delayed making decisions on proposed spot Ethereum ETFs from Hashdex and 21Shares this week.
Some experts believe the delays could be related to recent regulatory scrutiny on Ethereum. It was reported this week that the Ethereum Foundation received an inquiry from an unspecified state agency.
The SEC has yet to approve any spot cryptocurrency ETFs. All existing Bitcoin and Ethereum ETFs are futures-based, not backed by the cryptocurrencies directly.
