The U.S. Securities and Exchange Commission (SEC) postponed its approval decision on Grayscale's Ethereum (ETH) futures trust exchange-traded fund (ETH) to the end of May.
According to Cointelegraph on the 23rd (local time), the SEC postponed the approval deadline for Grayscale's Ethereum Futures Trust ETF again from the 31st of this month to May 30th. This comes three months after Grayscale applied for an ETH futures ETF under New York Stock Exchange Arca Rule 8.200-E in September last year.
James Seiffart, Bloomberg ETF analyst, previously analyzed that Grayscale plans to use this ETH futures ETF as a 'Trojan horse' to get approval for the ETH spot ETF. If the SEC approves the ETH futures ETF, it is highly likely that it will also approve the ETH spot ETF. Currently, multiple ETH spot ETF applications have been submitted to the SEC.
Meanwhile, the SEC is showing a cautious attitude toward ETH products. In announcing the delay in approval, the SEC said, “We need time to review the rule change requested by Grayscale and related issues.” In December of last year, the SEC decided to postpone the first approval decision for this product and publicly seek additional opinions. Since the 20th, the Ethereum Foundation and related companies have been investigated for the purpose of verifying the securities of ETH.
Grayscale founder John Law said, “The SEC's investigation into virtual asset ETFs is becoming more stringent,” and analyzed, “We are trying to avoid repeating the situation where we previously approved the Bitcoin (BTC) spot ETF after a legal dispute.”
- Reporter Park Ji-hyeon
- claris@rni.kr
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