{"id":11910,"date":"2024-03-23T14:41:09","date_gmt":"2024-03-23T12:41:09","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-delays-decision-on-grayscales-ethereum-futures-etf\/"},"modified":"2024-03-23T14:41:09","modified_gmt":"2024-03-23T12:41:09","slug":"sec-delays-decision-on-grayscales-ethereum-futures-etf","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sec-delays-decision-on-grayscales-ethereum-futures-etf\/","title":{"rendered":"SEC Delays Decision on Grayscale&#8217;s Ethereum Futures ETF"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has <a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nysearca\/2024\/34-99842.pdf\">postponed<\/a> the deadline for reviewing Grayscale Investments&#8217; Ethereum Futures Trust ETF application to May 30, 2024.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe Commission finds it appropriate to set a longer period within which to issue an order approving or disapproving the proposal so that it has sufficient time to consider the proposal,\u201d the document states.<\/cite><\/p><\/blockquote>\n<p>Bloomberg analyst James Seyffart described the SEC&#8217;s decision as \u201cexpected.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There\u2019s the delay order for <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a>\u2018s Ethereum Futures ETF Filing \u2014 as expected. <a href=\"https:\/\/t.co\/gT3x8iw3Ml\">pic.twitter.com\/gT3x8iw3Ml<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1771296290149683490?ref_src=twsrc%5Etfw\">March 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In September 2023, Grayscale Investments submitted an application to the SEC to launch an exchange-traded fund based on Ethereum futures traded on the <span data-descr=\"Chicago Mercantile Exchange\" class=\"old_tooltip\">CME<\/span>.<\/p>\n<p>On January 10, 2024, the SEC <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">approved<\/a> all 11 applications for spot Bitcoin ETFs. Following this, issuing companies showed interest in launching funds based on the second-largest cryptocurrency by market capitalization.<\/p>\n<p>In early March, Grayscale and Coinbase discussed with the SEC the conversion of ETHE into a spot Ethereum ETF. The race to launch this instrument also includes <a href=\"https:\/\/forklog.com\/en\/news\/franklin-templeton-seeks-approval-for-spot-ethereum-etf\">Franklin Templeton<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/vaneck-submits-revised-application-for-spot-ethereum-etf\">VanEck<\/a>, BlackRock, Fidelity, and <a href=\"https:\/\/forklog.com\/en\/news\/sec-postpones-decision-on-invesco-and-galaxys-spot-ethereum-etf\">Invesco with Galaxy<\/a>.<\/p>\n<p>According to <a href=\"https:\/\/www.theblock.co\/post\/284284\/spot-ethereum-etf-approval-may-extremely-unlikely-galaxy-thorn\">The Block<\/a>, Galaxy Digital&#8217;s head of research, Alex Thorn, called the approval of an ETH ETF in May \u201cextremely unlikely.\u201d He attributed this to the lack of active engagement by the Commission with issuers and media reports about SEC subpoenas regarding Ethereum&#8217;s classification.<\/p>\n<p>Earlier, Bloomberg analyst Eric Balchunas halved the probability of a spot Ethereum ETF being approved in May from 70% to 35%.<\/p>\n<p>Previously, U.S. senators urged the SEC not to approve new cryptocurrency exchange-traded funds, citing the \u201cenormous risks\u201d associated with these instruments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has postponed the deadline for reviewing Grayscale Investments&#8217; Ethereum Futures Trust ETF application to May 30, 2024. \u201cThe Commission finds it appropriate to set a longer period within which to issue an order approving or disapproving the proposal so that it has sufficient time to consider the proposal,\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46,943,128],"class_list":["post-11910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum","tag-grayscale-investments","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11910"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11910\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11909"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}