The SEC has delayed its decision on the New York Stock Exchange's proposal to list and trade options on ethereum-based ETFs.
The proposal aims to provide investors with a regulated way to hedge or take advantage of ethereum price movements.
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The SEC has announced a delay in its decision on the New York Stock Exchange's proposal to list and trade options on several ethereum ETFs, including the Bitwise ethereum ETF and the Grayscale ethereum Trust, according to a SEC Filing.
The NYSE filed the proposed rule change on July 23, 2024, seeking to include options on Bitwise ethereum ETF, Grayscale ethereum Trust, Grayscale ethereum Mini Trust, and other trusts that hold ether.
The proposal aims to give investors exposure to ethereum price movements through options, similar to existing commodity-backed ETFs.
The SEC's delay is due to its ongoing examination of whether the proposal meets the requirements of the Exchange Act to prevent fraudulent practices, ensure fair trading, and protect investor interests.
The SEC has initiated a review process to further evaluate the proposal.
The filing invites public comments within 21 days and rebuttal comments within 35 days, extending the timeline but without a set date for a final decision.
If approved, the options would provide investors with a regulated framework to hedge against ethereum's price fluctuations or take advantage of its price movements.
The NYSE approach would implement existing ETF options standards, including rules for listing, trading, position limits and risk management procedures.
While options on bitcoin ETFs have gained market acceptance, this proposal represents one of the first aimed at ethereum in the US market.
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