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SEC delays BlackRock's Ethereum spot ETF to March

The SEC’s extended timeline highlights a cautious approach focused on investor protection within an innovative and technical landscape often perceived as complex.

SEC delays BlackRock's Ethereum spot ETF to March

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The US Securities and Exchange Commission (SEC) has extended its review period for considering a proposed rule change to list the iShares Ethereum Trust spot ETF, designating March 10, 2024 as the new deadline for taking action, according to today’s filing.

Originally filed by The Nasdaq Stock Market on November 21, 2023, the proposal aims to provide direct exposure to Ethereum’s price movements under Nasdaq Rule 5711(d) for Commodity-Based Trust Shares.

The SEC extended the original 45-day review period, which would have ended on January 25, 2024, stating it required more time to thoroughly consider the proposal and related issues around a spot Ethereum ETF product.

Originally published for comment on December 11, 2023, the proposed rule change has received no public comments so far. Under the Securities Exchange Act of 1934, the longer review period indicates a cautious approach by the SEC towards crypto-based ETFs amid an evolving regulatory landscape.

BlackRock, the world’s largest asset manager, has been at the forefront of integrating digital assets into traditional investment vehicles. However, the SEC’s hesitancy reflects ongoing concerns over the volatility, security, and regulatory compliance of crypto products.

Investors and industry experts are closely watching the SEC’s moves, as approval of such an ETF would mark a significant milestone in the mainstream acceptance of cryptocurrencies. The extended review period suggests that the SEC is taking a thorough approach to ensure that any potential risks associated with the iShares Ethereum Trust are mitigated.

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