- The SEC has called for comments on pending Ethereum ETFs.
- The request comes as the keenly watched May deadline nears.
- Analysts remain skeptical of approval in May, but one expert suggests a delay may not be bad.
Hot on the heels of the landmark approval of spot Bitcoin ETFs in January 2024, the crypto community’s attention has shifted to pending applications for similar offerings backed by Ethereum. With a key deadline looming in May 2024, the SEC has called for public comments on three pending applications.
SEC Opens the Floor to the Public
On Tuesday, April 2, the SEC published notices kicking off a 21-day comment window for Ethereum ETF filings from Grayscale, Fidelity, and Bitwise.
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The request for comment process allows the SEC to gather public input on submitted filings. It is a standard procedure the SEC follows before deciding on ETF applications. It allows the agency to assess the risks and benefits of the proposed products to investors.
The call for comments comes as the long-anticipated May 23 final deadline for the SEC to decide on VanEck’s filing inches closer.
As the deadline approaches, however, hopes of a near approval remain low. Experts have decried the SEC’s lack of engagement. These uncertainties have been further deepened by the SEC’s recent probe of the Ethereum Foundation.
Not everyone, however, believes that a longer wait for Ethereum ETFs is bad. On the contrary, Bitwise Chief Investment Officer Matt Hougan has suggested that a longer wait may offer the best outcomes. He contended that TradFi needed some time to adjust to Bitcoin before they would be ready for the next thing.
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