SEC Extends Decision on Ethereum ETF Applications Amid Market Turmoil
SEC Delays Ethereum ETF Approval Sparks Market Uncertainty
The United States Securities and Exchange Commission (SEC) has delayed its verdict on the Hashdex and ARK 21Shares Ethereum exchange-traded funds (ETFs).
Ethereum ETF Approval Chances Drastically Decline
Announced on Tuesday, March 19, this postponement extends the decision period to late May. Specifically, the SEC has set May 24 and May 30 as the final decision dates for ARK 21Shares and Hashdex, respectively.
The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein, the SEC said.
Following the SEC's announcement, Ethereum's price fell by about 8%, indicating the market's sensitivity to regulatory decisions. Currently, Ethereum trades at around $3,100, reflecting the uncertainty surrounding the approval of its ETFs.
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