Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
SEC delays making a decision on spot Ethereum ETF proposals from Franklin Templeton, Grayscale

SEC delays making a decision on spot Ethereum ETF proposals from Franklin Templeton, Grayscale

The Block2024/04/23 17:19
By: The Block
BTC+0.69%OP+3.75%ETH+1.36%
Quick Take The agency pushed its timeline to make a decision to June 11, 2024, after which the SEC could approve or disapprove or institute proceedings. The SEC also delayed making a decision on a spot Ethereum ETF proposal from Grayscale. Optimism for a spot Ethereum ETF has fallen over the past few months.
SEC delays making a decision on spot Ethereum ETF proposals from Franklin Templeton, Grayscale image 0

The U.S. Securities and Exchange Commission is delaying making decisions on the next steps for two proposed spot Ethereum exchange-traded funds proposed by Grayscale and Franklin Templeton. 

The agency pushed its timeline to decide to June 11, 2024 for the Franklin Ethereum ETF after which the SEC could approve or disapprove or institute proceedings,  the SEC said in a filing on Tuesday.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the SEC said.

Franklin Templeton filed its S-1 registration statement for the Franklin Ethereum ETF in February. The fund would generally reflect the price of ether and Coinbase Custody Trust Company and the Bank of New York Mellon would be the custodians, the firm said.

The SEC also delayed a similar proposal for the Grayscale Ethereum Trust on Tuesday. 

Grayscale filed a Form 19b-4 alongside NYSE Arca in October to  convert  the Grayscale Ethereum trust to a spot ether ETF. Grayscale has also previously filed to convert its Grayscale Bitcoin trust to a spot bitcoin ETF, which it did successfully after a court  victory  and eventual approval from the SEC in January. 

The SEC set its next deadline to decide whether to approve or disapprove of Grayscale's Ethereum spot ETF to June 23, 2024, according to Tuesday's filing. 

The SEC has delayed decisions on applications for other Ethereum ETFs including VanEck 's spot Ethereum ETF and one from BlackRock .

Big-name firms, including Fidelity and BlackRock , have applied for a spot ether ETF over the last few months. Optimism for the SEC approving such a product has steadily fallen over the past few months. For example, Bloomberg ETF analyst Eric Balchunas has lowered his estimate of the chances of a spot Ethereum ETF approval by May from about 70% to 30%.

Since being listed in January 2024, U.S.-traded spot bitcoin ETFs have brought in a cumulative total net inflow of $12.38 billion, The Block previously reported .

Updated  on April 23 at 5:10 p.m. UTC time to include filing from Grayscale


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Grayscale Opens New Opportunities with Staking in Crypto ETPs

In Brief Grayscale launches staking in Ethereum and Solana ETPs, providing direct rewards to investors. The move integrates staking rewards, altering yield profiles for passive investment strategies. This development sets a precedent in regulatory examination of staking in ETF/ETP structures.

Cointurk2025/10/06 11:51
Stablecoin Inflows to CEXs Soar to $127B Daily

Daily USDT and USDC inflows to CEXs reach $127B, with the 365-day average rising from $69B to $105B.Why This Matters for Crypto TradersWhat This Could Mean for the Market Ahead

Coinomedia2025/10/06 11:42

Trending news

More
1
Grayscale Opens New Opportunities with Staking in Crypto ETPs
2
Shiba Inu Price Prediction: Resistance Levels Tested Before October Market Shifts

Crypto prices

More
Bitcoin
Bitcoin
BTC
$124,441.26
+1.04%
Ethereum
Ethereum
ETH
$4,585.77
+0.84%
XRP
XRP
XRP
$3
-0.26%
Tether USDt
Tether USDt
USDT
$1
+0.01%
BNB
BNB
BNB
$1,235.24
+5.94%
Solana
Solana
SOL
$234.03
+0.97%
USDC
USDC
USDC
$0.9997
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2606
+1.51%
TRON
TRON
TRX
$0.3434
+0.43%
Cardano
Cardano
ADA
$0.8544
-0.42%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter