The SEC has rescheduled its decisions concerning the Hashdex and ARK 21Shares Spot Ethereum ETFs to now take place in May.

The U.S. Securities and Exchange Commission (SEC) SEC has postponed its review regarding the potential approval of the Hashdex Nasdaq Ethereum exchange-traded fund (ETF) to May 30, 2024. Should it receive approval, the Hashdex ETF aims to incorporate both spot Ethereum (ETH) and futures contracts.

In an official statement, the SEC noted, \"The Commission believes it's wise to allow additional time for deliberating on the proposed rule change to ensure all considerations and concerns are thoroughly examined.\"

The Nasdaq stock exchange has put forth documents to the SEC in September seeking authorization to list the Hashdex Nasdaq Ethereum ETF. The oversight and management of this fund are handled by Toroso Investments, a company registered as a commodity pool operator with the Commodity Futures Trading Commission and affiliated with the National Futures Association. The SEC has postponed its decision on this ETF multiple times and sought public feedback back in December.

Moreover, the SEC has also pushed back its timeline regarding the ARK Investment and 21Shares ETF, which aims to mirror the performance of ETH, to May 24th, 2024. The agency is also open to public feedback on this particular application. spot Ethereum ETF Bloomberg's ETF analysts express skepticism about the approval chances for Spot Ethereum ETFs.

Numerous asset management firms, such as VanEck and Grayscale, have recently submitted applications for spot Ethereum ETFs. Nevertheless, optimism for SEC's endorsement of such products has been waning over the last few weeks.

Eric Balchunas, an ETF expert at Bloomberg, has recently adjusted his estimated chances for a May approval of a spot Ethereum ETF from roughly 70% down to 30%. Additionally, his colleague James Seyffart remarked that these delays were somewhat anticipated, and he foresees that the applications for spot Ethereum ETFs are likely to be rejected. Franklin Templeton , BlackRock , Fidelity , Invesco Galaxy, \"These delays were expected. The critical deadline we are looking at is May 23rd,\" James Seyffart mentioned in a social media post. \"My previously hopeful stance on ETH ETFs has shifted quite a bit. We now project these will probably be turned down on May 23rd as this process progresses. The SEC hasn't engaged with the issuers about the specifics of Ethereum.\"\

Moreover, James Seyffart pointed out that unlike the constructive dialogues that preceded the approval of spot Bitcoin ETFs earlier this year in January, the SEC hasn't interacted significantly with the issuers concerning the spot Ethereum ETF. Previously, there was a projected 60-70% chance of approval by May.

Securities and Exchange Commission

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