SEC Extends Review Period for Franklin Templeton’s Spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has extended the review period for the application to launch a spot Ethereum ETF by investment firm Franklin Templeton. This was reported on the agency’s website.

The next deadline is June 11. After this date, the SEC must either approve or reject the application for the new product.

“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,” representatives of the agency noted.

Franklin Templeton submitted the application to launch the Ethereum ETF in February. The S-1 form document states that Coinbase Custody Trust Company will act as custodian for the second-largest cryptocurrency by market capitalization, while Bank of New York Mellon will handle cash assets.

Previously, the SEC extended the review period for a similar application from BlackRock.

Experts are divided on when the regulator will make a favorable decision on exchange-traded Ethereum instruments.

Some are betting on May, when the deadline for considering several applications, including those from VanEck and Grayscale, will arrive.