SEC postpones decision on Grayscale Ethereum spot ETF conversion application again

Successive postponements

Following BlackRock’s postponement yesterday, Grayscale’s Ethereum spot ETF conversion application was also postponed by the SEC.

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In a filing on Tuesday, the SEC said, among other things, Ethereum’s proof-of-stake (PoS) mechanism and “concentration of control or influence by a small number of individuals or entities” make exchange-traded funds susceptible to fraud and manipulation. The issue was raised for public comment as to whether it might pose a concern.

With this postponement, the SEC has taken steps to solicit new public comments. A period of 56 days was set for public comments and counter-comments.

Grayscale’s Ethereum spot ETF conversion application was first postponed in December of last year.

Yesterday, the SEC also postponed its decision on BlackRock’s application to list the physical Ethereum (ETH) ETF. Bloomberg’s James Seyffart, an ETF expert, expects the SEC to continue delaying transactions.

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