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SEC Delays Decision on Grayscale Ethereum Trust ETF

The United States Securities and Exchange Commission (SEC) has pushed back its decision on whether to approve or reject a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust (ETF).

In a Dec. 5 notice, the SEC said it would designate a longer period of time to consider the proposal, setting January 25, 2024 as the date of the final decision. This announcement comes shortly after the appellate court ordered the SEC to review Grayscale’s Bitcoin (BTC) ETF offering in October.

The SEC has yet to approve a spot BTC or ETH exchange-traded fund for listing on a U.S. exchange, though it has given the green light to investment vehicles tied to crypto futures. Bloomberg ETF analyst James Seyffart suggested that should the commission decide to approve a spot BTC ETF, it could move forward with simultaneous approvals of funds from multiple web 3.0 companies to invest in.

In October, Grayscale filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF, joining the list of companies, such as BlackRock, Hashdex, ARK 21Shares, Invesco Galaxy, VanEck and Fidelity, who have applied for the spot crypto ETFs. As of now, web 3.0 applications examples, web 3.0 coins list, and web 3.0 companies to invest in are all awaiting a decision from the regulator.