ETH hits $3,700! SEC delays BlackRock, Fidelity Ethereum spot ETF again

The U.S. Securities and Exchange Commission (SEC) announced that it will further evaluate the Ethereum spot ETF application submitted by BlackRock. This is the second time the SEC has postponed its decision. The SEC also proactively solicits public comments, paying particular attention to whether Ethereum’s PoS mechanism makes it vulnerable to increased risks of fraud and manipulation. This move shows that the SEC is tightening its supervision of the virtual currency market to ensure investor interests and market stability.

The SEC announced on Monday that it would delay a decision on Fidelity’s Ethereum spot ETF application and solicit public comments on the ETF’s approval. The public has 21 days to submit opinions on these two ETFs, and the rebuttal period is 35 days.

BlackRock and Fidelity both submitted Ethereum spot ETF applications to the SEC in November last year. Subsequently, financial institutions such as Hashdex, ARk 21Shares, VanEck... also followed up and submitted Ethereum spot ETF applications. Currently, there are There are 8 Ethereum spot ETF applications, but the SEC has recently postponed its decision on applications such as Grayscale and Invesco/Galaxy.

8 Ethereum spot ETF related application timetable

Bloomberg analyst James Seyffart recently predicted that there may be more in the coming months The application was delayed by the SEC. Currently, May 23 is considered a crucial date for the Ethereum spot ETF, as it is the final approval deadline for VanEck’s application.

In an interview with Blockworks in late January, James Seyffart estimated that the chance of an Ethereum spot ETF being approved in May was about 60%. However, he pointed out that the SEC still has many ways to delay the process. If it is not approved in May, it may not be possible until 2025.

Different opinions on whether the Ethereum spot ETF will be approved in May

Some experts are pessimistic about the possibility of the Ethereum spot ETF being approved in May. Jake Chervinsky, general counsel of the venture fund Variant, expressed his doubts about the Ethereum spot ETF. Questioning the expectation that the ETF can be approved for listing before May 23, he said on the 4th that the legal issues and policy environment in Washington made it more likely that the SEC would reject or request the withdrawal of the application than the market thought.

U.S. financial lawyer Scott Johnsson recently used the application process of Bitcoin spot ETF as an example to analyze, believing that the SEC may deviate from the approval timetable of Bitcoin spot ETF, but will still approve the Ethereum spot ETF, Ethereum If spot ETFs are not approved in May 2024, they will be approved in mid-2025 at the latest.

SEC Chairman Gary Gensler emphasized earlier this month that the decision to approve a Bitcoin spot ETF in January does not represent the SEC’s recognition of digital assets, nor does it necessarily mean that the SEC will follow Bitcoin’s approach in the future. Addressing Ethereum, he reiterated that most cryptocurrencies are unregistered securities and that the agency has a responsibility to protect investors from fraud and market manipulation.

CoinMarketCap data shows that ETH once touched $3,746 at noon on the 5th, an increase of approximately 10.29% since March.

However, compared to Bitcoin, which is only a stone’s throw away from its previous high of $69,000, ETH is still a 30.9% increase from its all-time high of $4,867 on November 10, 2021, yet to be realized.

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