Ethereum
SEC Delays Decision on Another Spot Ethereum ETF
Alex Dovbnya
SEC Delayed Decision on Another #Ethereum ETF
Read U.TODAY on
Google News
The U.S. Securities and Exchange Commission has postponed its decision on an Ethereum spot exchange-traded fund (ETF) proposal submitted by New York-based investment firm Franklin Templeton.
Franklin Templeton filed for an Ethereum ETF in February, joining others like BlackRock.
In its most recent depositThe SEC said it considered it appropriate to delay its decision to allow sufficient time to review Franklin Templeton’s request.
Despite the fact that the SEC gave the green light to a large number of spot Bitcoin ETF applications in January, the chances of the regulator approving spot Ethereum ETFs remain vanishingly small.
As reported by U.TodayNate Geraci, a top ETF analyst, recently cited the SEC’s lack of commitment as the main reason approval is unlikely.
The SEC faces political pressure not to approve ETFs for alternative cryptocurrencies. Additionally, the regulator would like to classify the largest altcoin as a security, which could complicate the approval process.
British multinational bank Standard Chartered, which previously predicted that the price of Ethereum could reach $4,000 after the approval of Ethereum ETFs, now says that such investment products are unlikely to receive the green light in may.
That being said, Standard Chartered is sticking to its ambitious forecast as it expects the price of Ether to reach a staggering $8,000 by the end of the year.
The largest altcoin is currently trading at $3,235, according to CoinGecko data. It is up 1% over the last 24 hours.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.