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SEC Delays Decision on Ethereum ETFs from Hashdex and ARK 21Shares

The decision regarding spot Ethereum ETF applications from Hashdex and ARK 21Shares, submitted to the U.S. Securities and Exchange Commission (SEC), faces another delay. Recent filings disclose that the regulatory body requires additional time to thoroughly assess potential impacts and regulatory considerations associated with the proposed ETFs for Ethereum.

In its filing, the SEC states, “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

The SEC has now set May 30, 2024, as the new deadline for the decision on approving or disapproving these applications.

Bloomberg Analysts Not Hopeful for ETH ETF Approval

Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas have offered their nuanced predictions regarding the pending approvals, anticipating a potential continuation of denials in May.

Balchunas expressed a diminished likelihood of Ethereum ETF approval by the May deadline, indicating a 35% probability. He highlighted the absence of bullish indicators for Ethereum spot ETFs, unlike those observed for Bitcoin spot ETFs in previous instances.

Seyffart echoed this sentiment, remarking on a shift from cautious optimism to an expectation of denial for Ethereum ETFs by May 23rd.

The analysts noted the SEC’s minimal engagement with Ethereum ETF applicants, suggesting a contrasting approach compared to previously approved Bitcoin spot ETFs.

Moreover, Seyffart suggested on social media that the SEC would likely postpone decisions on other applications soon, potentially affecting entities such as VanEck, Ark/21Shares, Hashdex, and Grayscale, with delays expected within the next approximately 12 days.

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