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The Securities and Exchange Commission (SEC) has delayed its decision on BlackRock's application to launch an ethereum (eth) spot ETF until March.
According to a document on the SEC websiteA new decision on the application, which was supposed to be made on January 25, is now expected on March 10, 2024. SEC representatives explained their decision due to the lack of time to review all the details of the application .
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
SEC Filing
Bloomberg Intelligence ETF analyst James Seyffart said delays in ethereum spot ETF offerings are likely to continue.
On January 19, 2024, the Commission postponed a decision on Fidelity's application to launch an ethereum spot ETF. A new deadline has also been set for March.
Several companies, including BlackRock, have filed documents to open an ethereum-based spot fund. The company's CEO, Larry Fink, said he supports the launch of this product category. JPMorgan Chase noted that the SEC is unlikely to approve this class of funds in spring 2024. Among other things, they also noted the uncertain status of ethereum.
Media outlets expect the SEC to approve the launch of ethereum spot ETFs in late summer 2024. Citing her sources, Fox Business journalist Eleanor Terrett noted that ethereum's “opaque” status may complicate the process. However, her source doesn't think so. According to him, the Commodity Futures Trading Commission already positions the asset as a commodity.
