BlackRock, Grayscale have to wait for SEC’s spot ETH ETF decisions

Amendments are slowing down the SEC in both cases, although observers say the agency is not really engaged with them.

The United States Securities and Exchange Commission (SEC) will delay its decisions on the BlackRock and Grayscale applications for spot Ether (ETH) exchange-traded funds (ETFs). The SEC released notices of the delay in the Grayscale decision and the amending of the BlackRock application just hours after the agency pushed back its decision on Franklin Templeton’s proposed spot ETH ETF. 

The SEC decision on converting digital asset manager Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca was due on April 24, but will now be extended 60 days to June 23.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1,” the agency wrote in its notice on April 23. It published the notice of Grayscale’s amendment filing on April 2. The amendment strengthened Grayscale’s arguments, but did not materially change its proposal.

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