Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The United States Securities and Exchange Commission (SEC) has postponed its decision regarding the approval or disapproval of spot Ether (ETH) exchange-traded fund applications submitted by ARK 21Shares and VanEck.
In distinct notices submitted on Sept. 27, the SEC indicated it would extend the timeframe for deciding on a proposed rule change that would permit the listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Exchange. The commission noted that it had not received any public feedback on either application and would extend the deadlines for another delay or decision to Dec. 25 and Dec. 26, respectively.
“The Commission finds it suitable to designate a longer period within which to take action on the proposed rule change so that it has adequate time to evaluate the proposed rule change and the issues raised therein,” stated the SEC.
The delay coincided with the Nasdaq Stock Market submitting a proposed rule change to the SEC for listing its mixed ETH ETF, which includes both spot Ether holdings and futures contracts. Proposed rule changes with the New York Stock Exchange Arca for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF, as well as the Cboe BZX Exchange for the Franklin Bitcoin ETF, were also filed on Sept. 27.
Related Posts
On Sept. 26, the SEC announced it would extend the period to reach a decision on spot Bitcoin (BTC) ETF applications from ARK 21Shares and GlobalX. The commission issued the notice weeks ahead of the upcoming deadlines for both investment vehicles, delaying a final decision on ARK 21Shares’ ETF until January.
And here's @vaneck_us' delay as expected https://t.co/uloOidbfd1 pic.twitter.com/i4Hhv5yhiR
— James Seyffart (@JSeyff) September 27, 2023
Related: US lawmakers urge SEC chair to approve spot Bitcoin ETFs ‘immediately’
In August, ARK Investment Management founder and CEO Cathie Wood suggested that if the SEC proceeds with spot ETF approvals, it might allow multiple listings at the same time to prevent any single company from gaining an edge over others in the market. Her comments followed Grayscale Investments’ victory in a legal dispute with the SEC regarding its spot Bitcoin ETF application, which is expected to be reviewed.
To this point, the SEC has not approved any spot crypto ETF in the U.S. but has permitted the listing of crypto-linked futures ETFs and a leveraged Bitcoin futures ETF. The upcoming deadlines for spot crypto ETF applications from companies such as BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, and Fidelity are set for October.
Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis
