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SEC Postpones Decision on BlackRock’s Spot Ethereum ETF to March

The U.S. Securities and Exchange Commission (SEC) has decided to postpone its decision regarding BlackRock’s application for a spot Ethereum exchange-traded fund (ETF) to March.

According to the SEC’s most recent filing, the new deadline for a decision on BlackRock’s spot Ethereum ETF is now March 10, 2024. During this time, the Commission will assess whether to approve, disapprove, or initiate proceedings to further evaluate whether the proposed rule change should be disapproved.

The SEC’s statement explains, “Section 19(b)(2) of the Act provides that within 45 days of the publication of notice of the filing of a proposed rule change,” and goes on to note that the Commission has the discretion to extend this period up to 90 days if deemed necessary. In this case, the SEC has opted for an extended period to thoroughly consider the proposed rule change and the associated issues.

More Delays Expected in Spot Ethereum ETF Decision

Bloomberg Intelligence ETF analyst James Seyffart responded to the announcement of the postponement by stating that such delays for spot Ethereum ETFs were expected and that they would likely continue sporadically over the next few months. He specifically pointed out that the next significant date to watch is May 23rd.

Regarding the postponement of Fidelity’s spot Ethereum ETF by the SEC, Seyffart commented that it was “completely expected.” This suggests that these delays are becoming a routine part of the ETF approval process for Ethereum and are not surprising to industry experts.

Goldman Sachs Optimistic About Ethereum ETF Approval

Mathew McDermott, the Global Head of Digital Assets at Goldman Sachs, has expressed optimism regarding the potential approval of spot Ethereum ETFs in the coming months.

During a recent interview with CNBC, McDermott highlighted a crucial factor that will determine the approval of these ETFs, stating, “A big question naturally centers around whether it’s perceived to be a security or not.” He added, “I think that will ultimately be determined, and on whether it gets approved.”

McDermott also underscored the cost-effectiveness of investing in Bitcoin through these ETFs compared to direct cryptocurrency investments. He commented, “Seeing big, regulated institutions having that ability to issue Bitcoin ETFs is a very powerful statement for the market.” This suggests that the involvement of established, regulated institutions in the ETF space is a significant development that could impact the cryptocurrency market positively.

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