The U.S. Securities and Exchange Commission (SEC) has opened the floor for public input on proposed spot Ethereum exchange-traded funds (ETFs), including offerings from industry giants Fidelity and Grayscale. This move comes as the May 24 deadline approaches and optimism surrounding ETF approval begins to dwindle, with delays in the SEC’s decision-making process on filings from major firms such as Fidelity and BlackRock.
The SEC’s decision to solicit feedback suggests a potential shift in regulatory approach, despite previous setbacks and limited transparency in the review process. The agency’s call for comments indicates a willingness to engage with stakeholders and may inject renewed hope into both the cryptocurrency and ETF communities.
Among the ETFs under scrutiny are the Fidelity Ethereum Fund and the Grayscale Ethereum Trust. The SEC, through a filing regarding Bitwise, has announced its intention to gather feedback on the proposed rule change, setting a comment period of three weeks.
This development occurs against a backdrop of dwindling optimism regarding the approval of spot Ethereum ETFs by the May 24 deadline. Fidelity, BlackRock, and seven other firms await the SEC’s decision on their ETF filings, yet progress toward a final verdict seems to have stalled.
The market reaction to the Ethereum Dencun upgrade on March 13, aimed at reducing transaction fees, resulted in a significant drop in Ether’s value. Approval of spot Ethereum ETFs by the SEC is anticipated to have far-reaching implications, akin to the surge in institutional demand witnessed following the approval and launch of U.S. spot Bitcoin ETFs.
Despite prevailing pessimism stemming from the SEC’s limited engagement with ETF applications, the recent move to seek public comments may rekindle optimism within the cryptocurrency and ETF communities. This initiative signals a potential change in regulatory stance and reignites anticipation regarding the future of spot Ethereum ETFs.
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