The U.S. Securities and Exchange Commission has delayed a decision on the Grayscale EthereumEthereum futures exchange-traded fund (ETF).
Grayscale Investments filed to the Wall Street regulator back in September. The fund would allow investors to buy shares that bet on the future price of Ethereum (ETH), the second-biggest digital asset by market cap.
But the SEC said today that it would delay the decision. The SEC regularly extends the period it has to give decisions on crypto products.
"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 wrote in its filing.
It currently has a number of spot Bitcoin ETF applications to approve. Lots of high-profile Wall Street firms—including BlackRock—have applied to the regulator to release their own product.
Grayscale Investments Applies to Offer Ethereum Futures ETF
Grayscale Investments has applied to the U.S. Securities and Exchange Commission for a new crypto exchange-traded fund (ETF). Unlike the flurry of Bitcoin spot ETFs still sitting with the regulator, however, this one would be an Ethereum futures ETF. Paperwork filed by the firm on Tuesday showed that the fund would "not transact in Ether and will not be required to retain an Ether custodian" and instead would deal strictly in futures. Grayscale's filing comes after the asset manager last month s...
An ETF is a popular investment vehicle that tracks the value of an underlying asset. Investors have been calling for a Bitcoin ETF for the best part of a decade, but the SEC has always said no to approving one, mainly citing concerns around market manipulation.
Ethereum futures ETF first started trading in the U.S. last month when firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares collectively debuted a total of nine products on the Chicago Board Options Exchange (CBOE).
What Grayscale’s Win Means for Bitcoin ETFs—And What It Doesn't
A federal judge’s bombshell decision to side with Grayscale's fight for a spot Bitcoin ETF sent shockwaves through the crypto world yesterday. At a time when regulators are cracking down on digital asset companies like never before and the crypto market is largely stagnant, optimism has flooded back into the sphere. Bitcoin—and Bitcoin-related assets—bolted upwards following news that the U.S. Court of Appeals for the D.C. Circuit had seemingly paved the way for long-awaited spot crypto exchan...
Grayscale has clashed with the SEC over its application to turn its Grayscale Bitcoin Trust into an ETF.
Grayscale sued the SEC in June for denying its application; a judge then in August ordered that the SEC's denial of Grayscale's spot Bitcoin ETF application be reviewed, essentially siding with the firm.
Grayscale also filed in October to turn its Ethereum trust into an ETF.
Analysts at Bloomberg Intelligence have since said there is a 90% chance the U.S. market will have a Bitcoin ETF by January 10.
Edited by Stacy Elliott.
