SEC Puts Off Decision on VanEck’s Proposed Ethereum ETF

The SEC recently extended its decision deadline for a proposed cryptocurrency exchange-traded fund (ETF) to May 23 and is inviting public comments on the matter, signaling its cautious approach towards crypto.

In a recent filing, the SEC stated that it needed more time to consider the proposed rule change, as well as the issues raised within it.

This follows a pattern of hesitation by the regulatory body, as it has also postponed decisions on the Hashdex Nasdaq Ethereum ETF and the ARK 21Shares Ethereum ETF.

The possibility of a spot Ethereum ETF had generated a lot of interest, particularly with firms like Fidelity and BlackRock submitting applications for such products.

However, there has been a decrease in optimism lately, with Bloomberg ETF analyst Eric Balchunas lowering his estimate of the likelihood of approval from 70% to 35% by May.