SEC Pushes Back BlackRock, Fidelity Spot Ethereum ETF Proposals
Fidelity and BlackRock ETFs Delayed
The Securities and Exchange Commission (SEC) has once again postponed its decision on whether to approve spot Ethereum exchange-traded funds (ETFs) proposed by BlackRock and Fidelity. The decision, which was originally expected by March 10, has now been pushed back to May 23. This is the second time the SEC has delayed its decision on these ETFs, with the first postponement occurring in February.
BlackRock's ETF Faces Longer Wait
In addition to the May 23 deadline for Fidelity's ETF, the SEC has also set a final deadline of August 7, 2024, for BlackRock's spot Ethereum ETF. This extended timeline suggests that the SEC may have additional concerns about BlackRock's proposal that require more time for review.
SEC's Concerns
The SEC has not publicly stated its specific concerns with these ETFs. However, it is likely that the agency is considering issues such as the volatility of Ethereum, the lack of a regulated spot market for Ethereum, and the potential for market manipulation.
Conclusion
The SEC's continued delays in approving spot Ethereum ETFs are a setback for the cryptocurrency industry. However, it is important to note that the SEC is tasked with protecting investors and ensuring the integrity of the financial markets. The agency's thorough review of these ETFs is a sign that it is taking its responsibilities seriously. Ultimately, the SEC's decision on these ETFs will have a significant impact on the future of Ethereum and the wider cryptocurrency market.
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