SEC Delays Its Decision On Grayscale’s Application For Spot Ethereum ETF

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The US Securities and Exchange Commission (SEC) has delayed the decision date for Grayscale Investments’ spot Ethereum ETF by 45 days, to Jan. 25, 2024.

According to the document, the Commission may designate if it finds such a longer period to be appropriate and publishes its reasons for such finding or as to which the self-regulatory organization consents.

According to the SEC statement,

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

Bloomberg Intelligence analyst James Seyffart said the delay was expected and “completely normal.”

Update: As expected @Grayscale‘s Ethereum trust filing just got delayed. It was due by 12/6/23 so this is completely normal. pic.twitter.com/I6LXMZIGGN

— James Seyffart (@JSeyff) December 5, 2023

In November, representatives from the agency’s trading and markets department met with Grayscale Investments staff to review the proposed conversion of Grayscale’s publicly traded Bitcoin Trust into a Bitcoin spot ETF. 

See Also: SEC Battles Kraken Over Digital Currency Trading Rules: Is Kraken The Next Target?

The meeting was attended by David Shillman, deputy director of the SEC’s Division of Trading and Markets, who oversees the US equity, options, and fixed-income markets.

In November, the SEC also postponed its decision on Hashdex’s application to launch a Bitcoin spot ETF to Jan. 1, 2024. 

At the same time, the Commission also postponed its decision on Grayscale’s application to launch an ETF based on Ethereum futures.

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