See you in 2024. If the approval of Spot Bitcoin ETF is a race, the United States Securities and Exchange Commission (SEC) is a starting gate that stubbornly refuses to open to release participants. A situation at the origin of repeated postponements, to the point of now considering the beginning of next year as the official deadline. And obviously, these regulatory procrastinations do not spare Ethereum spot ETFs either. Because Grayscale’s version has just been postponed until January 25without any certainty of approval.
Grayscale: SEC needs (even) longer deadline
This news finally comes without much surprise. The US SEC has just postponed its decision in the file for the Ethereum spot ETF from crypto manager Grayscale. And this stability of discharge seems to become its main trademark in the field.
“The Commission considers it appropriate to set a longer deadline for taking action to provide sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission designates January 25, 2024, as the date by which the Commission shall either approve, disapprove, or initiate procedures to determine whether to disapprove, the proposed project. »
DRY
A race parallel to that of spot Bitcoin ETFs, in which the giant BlackRock with its financial vehicle specially designed for Ethereum. But obviously nothing will happen before January next year… at least.
January, the month of all approvals?
However, this new postponement could almost be seen as good news. In any case, this is the impression received by the main spectators of this twisty series, the scenario of which is written in (ir)real time by the SEC. Because the month of January is once again pointed out by the regulator as a possibly fateful date.
“Update: As expected, Grayscale’s Ethereum trust deposit has just been delayed. He was expected on 6/12/23, so it’s completely normal. »
Obviously, Grayscale’s recent talks with the SEC do not speed up this tedious process. However, in the present case it is of a “simple” conversion of a product launched in 2019 – and registered with the SEC from 2020 – as in the case of its GBTC dedicated to Bitcoin.
The United States Securities and Exchange Commission (SEC) therefore seems to persist in its desire to delay its approval of cash ETFs see you next year. Is this a sign of a future mass release? The hope expressed by specialists in the field could make us think so. But that would be without counting on the ability of the very political Gary Gensler to never do what is expected of him. See you in 2024…