SEC Delays Ethereum ETFs Until May, Invest in Web 3.0 Now

SEC Delays Decision on Ether ETFs Until May 2024

The United States Securities and Exchange Commission (SEC) has pushed back its decision on several Ether (ETH) exchange-traded funds (ETFs) to May 2024.

In Dec. 18 regulatory filings, the agency delayed its ruling on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF.

The Hashdex Ether ETF intends to hold both spot Ether and futures contracts, while the Grayscale Ethereum Futures ETF is seen as a “trojan horse” that could force the SEC to allow Grayscale to convert its Ethereum Trust to a spot Ethereum ETF.

The filings indicate that the agency is initiating proceedings that involve gathering additional public input around whether or not the ETFs should be listed on the crypto exchange Voyager or the stock exchange Nasdaq.

SEC Delays Decision On Spot Ethereum ETFs

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the VanEck spot Ethereum Exchange Traded Fund (ETF) and the spot Ethereum ETF submitted by Cathie Wood’s ARK Invest and 21Shares.

According to Bloomberg ETF analyst James Seyffart, these delays were “expected” and were anticipated to arrive before December 25th.

He added that the final date the SEC can decide on the crypto ETFs is late May.

Despite the regulator having previously approved Ethereum futures ETFs, the SEC has yet to approve a spot or mixed-type product.

SEC’s Decision on Bitcoin ETFs

The SEC is expected to make a decision on 13 Bitcoin ETFs by Jan. 10. Analysts Eric Balchunas and Seyffart have estimated the chances of approval at 90%. This has buoyed the markets as institutional investors gain access to Bitcoin.

In the last six months, the price of Bitcoin has soared 44%, while Ether (ETH) has gained 16.8%. This has been driven by the optimism of the crypto community, as well as the potential of Web 3.0 and the Nasdaq Crypto Exchange.

For those looking to invest in Web 3.0, it’s important to note that the release date is still unknown. However, the Voyager crypto exchange and other platforms offer investors the opportunity to gain exposure to crypto bear markets.