The SEC has announced that it will be delaying its rulings on BlackRock and Grayscale’s applications for spot Ethereum exchange-traded funds (ETFs). This comes after the agency also postponed a decision on Franklin Templeton’s proposed spot ETH ETF.
The decision on converting Grayscale’s ETH Trust into a spot ETH exchange-traded product on NYSE Arca was originally due on April 24, but has now been pushed back by 60 days to June 23.
The SEC stated that it needs more time to consider the proposed rule change, as well as Grayscale’s amendment filed on April 2.
The amendment strengthened Grayscale’s arguments, but did not make any significant changes to the proposal.
The SEC is expected to make a decision on Franklin Templeton’s application by June 11. On April 23, Grayscale filed an S-3 form, similar to the S-1 form but shorter, for a Grayscale ETH Trust and an S-1 form for a Grayscale ETH Mini Trust.
