NAIROBI (Coinchapter.com) – The Securities and Exchange Commission (SEC) again delays its decision on the BlackRock Spot Ethereum ETF proposal. The SEC is extending the review period for applications from both BlackRock and Fidelity Investments. This latest delay doesn’t seem to be impacting the current bullish cryptocurrency market, with Bitcoin approaching new all-time highs.
Continued Delays for the BlackRock Spot Ethereum ETF
The SEC’s initial postponement of the BlackRock’s Spot Ethereum ETF proposal came in January, pushing the decision timeline from January 25th to March 10th. This pattern of delays extends to several other spot Ethereum ETF applications, including proposals from Fidelity, Invesco, and Galaxy Digital.
The repeated postponements highlight the SEC’s continued scrutiny of the cryptocurrency market. Analysts like Seyffart suggest these delays could continue until May 23rd, which marks the final decision deadline for applications from VanEck and Ark Invest.
23rd May, remain an important date to ether ETFs
Despite the SEC’s cautious approach, the cryptocurrency market remains resilient. Bitcoin is trading around $67,422.86 at the time of writing and nearing its all-time high. Ether has a market capitalization of $446 billion after the recent 7.17% surge. The total cryptocurrency market capitalization stands at over $2.3 trillion.
Ether-ity of Concerns Lingers
While shrugging off the delays, the SEC cited the need to scrutinize the BlackRock Spot Ethereum ETF’s susceptibility to manipulation and fraud. The regulator questioned Nasdaq’s arguments that manipulation in the ether spot market would necessitate trading on the regulated CME futures market.
Moreover, the SEC seeks public input on Nasdaq’s proposed surveillance agreement with Coinbase, aiming to gauge its effectiveness in detecting and deterring fraud impacting ether-based ETPs. As the crypto Wild West evolves, the SEC remains steadfast in vetting potential risks to investors.
In conclusion, the SEC delays decision on Blackrock Spot Ethereum ETF and this only builds the anticipation for word on the pivotal proposal. This decision could not only impact this product but also signal broader acceptance of cryptocurrencies within traditional financial markets. As the deadline looms, the outcome will undoubtedly serve as a significant milestone in the ongoing journey of crypto towards regulatory recognition and mainstream adoption.
