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Cryptocurrency News Articles
SEC Extends Ethereum ETF Decision, Delays Market Impact
Sep 25, 2024 at 08:37 pm
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Ethereum ETF options, initially expected by Sep. 26, now postponed to Nov. 10.
The U.S. Securities and Exchange Commission has postponed its decision on Ethereum ETF options, initially expected by Sep. 26, and now shifted to Nov. 10. This decision will impact the proposed options for BlackRock’s iShares Ethereum Trust (ETHA).
The SEC’s decision was initially expected by Sep. 26. However, the regulator has now extended the review period by over a month, pushing the decision to Nov. 10.
The decision comes as the SEC is yet to approve any spot Ethereum ETFs, despite approving several Bitcoin ETF options in recent months.
The SEC’s decision will now come after the launch of Bitcoin ETF options, with BlackRock’s iShares Bitcoin Trust (IBIT) receiving approval. The SEC’s approval for Bitcoin options included amendments to address concerns over market manipulation and risk-taking.
The proposed Ethereum ETF options will be linked to BlackRock’s iShares Ethereum Trust, which is managed by Coinbase and holds assets with The Bank of New York Mellon. These options will give investors new avenues to hedge or speculate on Ethereum price movements.
The SEC has the authority to delay its ruling by up to 90 days under Section 19(b)(2) of the Securities Exchange Act. The regulator is using this period to assess the market risks associated with introducing Ethereum ETF options.
Meanwhile, the Ethereum ETF market has seen its largest net outflows since July, as reported by ETF.com. On Monday, over $79 million was pulled from Ethereum ETFs, with Grayscale’s spot Ether ETF (ETHE) seeing a record $80.6 million in withdrawals.
This marks the largest single-day outflow since Ethereum ETFs were launched earlier this year. These outflows come as investors are awaiting the SEC’s decision on Ethereum options.
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