The U.S. Securities and Exchange Commission (SEC) is delaying its decision on bids to create Ethereum (ETH) exchange-traded funds (ETFs) from two asset management firms.
In a new memo filed earlier this week, the regulatory agency says it will be pushing back the date to approve ETH ETF applications by financial giants Hashdex and Ark 21Shares from March 31st to May 30th – a 60-day delay.
According to the SEC, it needs more time to consider the possibility of an exchange-traded product (ETP) centered around the leading smart contract platform.
“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.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates May 30, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
ETFs grant investors exposure to assets without the need of having to purchase them directly.
Bitcoin (BTC) ETFs were approved by the SEC in January after years of rejections after the regulatory body was forced to reconsider its decision in court when a judge ruled that it must remain consistent with its previous decision to greenlight BTC futures ETFs.
Bitcoin ETFs have already seen billions of dollars worth of inflows since their launch earlier this year, and their approval has coincided with sizeable BTC rallies.
Ethereum is trading for $3,303 at time of writing, a marginal increase during the last 24 hours.
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