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BlockNews
Home CRYPTO

SEC Seeks Feedback on Trio of Spot Ether ETFs Amid Approval Uncertainty

Michael Juanico by Michael Juanico
April 3, 2024
in CRYPTO, POLITICS
Reading Time: 3 mins read
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  • SEC is soliciting public comments for three proposed spot Ethereum ETFs – Fidelity Ethereum Fund, Grayscale Ethereum Trust, and Bitwise Ethereum Trust
  • Optimism for SEC’s approval of these spot Ethereum ETFs has decreased
  • Bloomberg analysts believe the SEC’s silence on the matter is not a good sign for approval

The Securities and Exchange Commission (SEC) is requesting public comments on proposed spot Ethereum exchange-traded funds (ETFs) from Grayscale, Bitwise, and Fidelity. This comes as optimism around SEC approval of these products has decreased in recent weeks.

ICYMI: 🇺🇸 SEC has called for public input on proposed Spot Ethereum $ETH ETFs

Specifically 👇

• Fidelity

• Grayscale

• Bitwise

— BlockNews.com (@blocknewsdotcom) April 3, 2024

SEC Filings Request Public Feedback

On Tuesday, the SEC published filings requesting public comments on the following proposed spot Ethereum ETFs:

  • Fidelity Ethereum ETF
  • Grayscale Ethereum Trust ETF
  • Bitwise Ethereum Trust ETF

“The Commission is publishing this notice to solicit comments on the proposed rule change as modified by Amendment No. 1 from interested persons,” the SEC said regarding the Bitwise filing.

Comments are due within 21 days for all three filings.

Dwindling Hopes for SEC Approval

Initially, analysts were optimistic the SEC would approve spot Ethereum ETFs in the first half of 2024. However, that optimism has faded in recent weeks.

Eric Balchunas, a senior ETF analyst at Bloomberg, has lowered his estimate for chances of approval by May from 70% down to 30%.

Fellow Bloomberg analyst James Seyffart also weighed in, saying the filings don’t indicate any change in thinking by the SEC. “Silence from the SEC isn’t a good thing here,” he said.

The SEC has yet to approve any spot cryptocurrency ETFs, despite multiple proposals from various asset managers over the past few years. The agency has cited concerns around manipulation, liquidity, and custody as reasons for rejecting past applications.

Conclusion

While the SEC is at least opening up the new Ethereum ETF proposals for public comment, analysts believe the chances for swift approval remain slim. The agency is likely to take a very cautious approach when it comes to allowing direct spot cryptocurrency exposure for retail investors.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitwiseEthereum exchange-traded fundsFidelitygrayscaleSecurities and Exchange Commission
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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