US SEC postpones judgment on BlackRock’s Ethereum spot ETF; industry insiders and Chairman Gensler’s views

Predictably postponed

On the 24th, the US SEC postponed the decision on BlackRock’s application to list the physical Ethereum (ETH) ETF for 45 days.

BlackRock filed its application with the SEC last November, and public comment began in December. As a result of this decision, the next scheduled decision date has been postponed until March 10th.

Last week, the SEC also postponed a decision on Fidelity’s application to list the physical Ethereum (ETH) ETF, but experts seem to be focusing on the final deadline in late May rather than the initial delay.

Regarding the application status of the Ethereum spot ETF, companies that provide Bitcoin ETFs, such as BlackRock, Fidelity, and VanEck, are progressing. The first to expire are those from Hashdex and VanEck, with results expected to be announced in May.

connection: Postponement of judgment on Ethereum spot ETF, US SEC

Following the debut of the Bitcoin ETF, there are high expectations that an Ethereum spot ETF will be approved next, but JPMorgan recently announced that it will approve the Ethereum spot ETF in May, citing the need to clarify the security nature of Ethereum. We analyzed ETFs that are unlikely to be approved by the SEC.

Meanwhile, in an interview with The Block, Brett Tejpaul, head of Coinbase Institutional, said that the trading volume of Bitcoin ETFs is higher than that of gold ETFs, reflecting high demand from institutional investors. said there is interest and enthusiasm for Ethereum spot ETFs, with many market leaders saying they would see value in bringing such a product to market.

In addition, Matt Kunke, a research analyst at crypto market-making firm GSR, told the same media, “We expect there is a 75% chance that the Ethereum ETF will be approved in May.” ‘s appeal victory and subsequent approval of the Ethereum Futures ETF suggests that approval of the Ethereum ETF is only a matter of time.”

However, there are also negative views. Anthony Scaramucci, founder and managing partner of Skybridge Capital, said: “We are not optimistic about the likelihood of approval of an Ethereum ETF in 2024. “This is because the majority of virtual currencies will be considered investment contracts subject to securities laws and will be excluded from the ETP structure of a single non-securities product.”

SEC Chairman’s Comments

Regarding the feasibility of an Ethereum ETF, U.S. SEC Chairman Gensler said on Wednesday, “As I said two weeks ago, in the case of a Bitcoin ETF product, our decision was based solely on Bitcoin. “This is limited to non-securities products, and should not be read as implying approval for other virtual currencies.”

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