The U.S. Securities and Exchange Commission (SEC) has decided to delay its verdict on the approval or rejection of spot Ether exchange-traded fund (ETF) applications submitted by ARK 21Shares and VanEck.
Additionally, the commission has granted an extended timeframe to decide on spot Bitcoin ETF applications from ARK 21Shares and GlobalX, effective September 26th,which is detailed here.
Through separate notifications submitted on September 27, the SEC expressed its intention to prolong the evaluation period for the proposed rule changes enabling the listing of spot ETH ETFs by VanEck and ARK 21Shares on the Cboe BZX Exchange. Notably, the SEC observed the lack of public comments on either proposal and has extended the deadlines for further consideration or decision to December 25 and December 26, respectively.
“The Commission deems it appropriate to designate a more extended period 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,” the SEC stated.
On the same day, the Nasdaq Stock Market submitted a proposed rule change to the SEC, seeking approval for its hybrid ETH ETF, combining spot Ether holdings with futures contracts. Additionally, proposed rule changes were filed on September 27 for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF with the New York Stock Exchange Arca, and for the Franklin Bitcoin ETF with the Cboe BZX Exchange.
Earlier, on September 26, the SEC had already signaled an extension for evaluating spot Bitcoin ETF applications from ARK 21Shares and GlobalX, filing the notice several weeks before the impending deadlines for both investment products. This deferral extends the final decision for ARK 21Shares’ ETF to January.
These deadline extensions coincide with increased scrutiny faced by Gary and the SEC in Congress regarding their oversight of the digital asset industry.
