SEC Delays Decision on Another Spot Ethereum ETF

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The US Securities and Exchange Commission (SEC) has delayed making a choice on an Ethereum ETF application put forward by Franklin Templeton, a financial services company based in New York.

In February, Franklin Templeton submitted an application to list an Ethereum exchange-traded fund (ETF), following the lead of companies such as BlackRock.

The SEC has decided to postpone making a decision on Franklin Templeton’s application in their latest submission, allowing them sufficient time for careful consideration.

Although the SEC allowed several Bitcoin spot ETF proposals in January, the chance of them approving a spot Ethereum ETF is virtually nonexistent.

According to a report by U.Today, Nate Geraci, a well-known ETF analyst, has stated that the Securities and Exchange Commission (SEC) showing little interest or engagement makes it doubtful for their approval.

The Securities and Exchange Commission (SEC) is under political scrutiny not to allow exchange-traded funds (ETFs) based on alternative cryptocurrencies. Additionally, there are reports that the SEC intends to categorize the largest altcoin as a security, potentially making the approval procedure more intricate.

Standard Chartered, a global banking institution based in the UK, had earlier anticipated that Ethereum’s price might surge to $4,000 due to the potential approval of Ethereum Exchange Traded Funds (ETFs) in May. However, they now express doubt that such approvals will occur this month.

After making that point, Standard Chartered remains confident in its bold forecast, projecting that Ether’s price will reach an impressive $8,000 by the year’s close.

According to CoinGecko’s latest figures, the biggest cryptocurrency alternate to Bitcoin is priced at approximately $3,235. There has been a 1% increase in its value over the past day.

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2024-04-23 21:23