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The United States Securities and Exchange Commission is postponing its decision regarding several Ether (ETH) exchange-traded funds (ETFs) until May 2024.
In multiple regulatory filings dated Dec. 18, the agency announced it would delay its verdict on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF.
The Hashdex Ether ETF intends to hold both spot Ether and futures contracts, whereas Grayscale’s Ethereum Futures ETF is perceived as a “trojan horse” that could compel the SEC to permit Grayscale to transform its Ethereum Trust into a spot Ethereum ETF.
In the filings, the agency indicated it was initiating proceedings to gather additional public feedback regarding the potential listing of the ETFs.
The agency also deferred its decision on the VanEck spot Ethereum ETF and the spot Ethereum ETF submitted by Cathie Wood’s ARK Invest and 21Shares.
Bloomberg ETF analyst James Seyffart noted that these delays were “anticipated” and were expected to occur before Dec. 25.
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He mentioned that the ultimate date for the regulator to make a decision on the ETFs will be in late May.
Although the SEC has previously approved Ethereum futures ETFs, it has not yet sanctioned a spot or mixed-type product.
Related: SEC pushes deadline to decide on Grayscale spot Ether ETF
In the meantime, much of the market is concentrating on whether the SEC will approve 13 spot Bitcoin (BTC) ETFs ahead of the agency. According to Seyffart and fellow Bloomberg ETF analyst Eric Balchunas, the SEC might reach a decision as soon as Jan. 10.
Both analysts have estimated the likelihood of a spot Bitcoin ETF approval at 90%. The markets have been uplifted by the optimism surrounding institutional access to Bitcoin. Over the past six months, Bitcoin’s price has increased by more than 44%.
While experiencing slightly less substantial gains, Ether’s price has risen by 16.8% during the same period, according to TradingView data.
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