Monday, 22 July 2024
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CryptoEthereum

Fidelity’s spot Ethereum ETF decision is delayed by the SEC

  • The U.S. SEC has delayed its judgment regarding Fidelity’s application to introduce Ethereum ETFs on the spot.
  • The decision is anticipated on March 5, 2024.
  • Last week, the SEC authorized eleven Bitcoin spot ETFs, sparking rumors of an Ethereum spot ETF.

The Securities and Exchange Commission (SEC) of the United States has delayed its judgment regarding Fidelity’s application to introduce Ethereum exchange-traded funds (ETFs) on the spot.

The decision is anticipated on March 5, 2024. To give itself enough time to analyze the concerns brought forth and act on the proposed rule change, the SEC has extended the time frame for the proposed rule change.

Ethereum ETF

The SEC’s ruling on Ethereum spot ETFs was deemed “expected” by Bloomberg analyst James Seyffart, who also acknowledged that the decision would be delayed until May.

While Ethereum’s price dropped 2.8% to $2,459, the amount of cryptocurrency traded rose by more than 14% in a single day to $11.9 billion. Last week, the SEC authorized eleven Bitcoin spot ETFs, sparking rumors of an Ethereum spot ETF.

Spot ETFs based on the second-largest cryptocurrency, Ethereum, attracted the interest of Fidelity and BlackRock in late 2023. Larry Fink said that these funds were “just steps towards tokenization.”

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