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SEC Defers Approval Decision for ARK 21Shares and VanEck Ethereum ETFs

2 mins
Updated by Ciaran Lyons
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In Brief

  • The SEC has delayed its decision on the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF until the end of 2023.
  • The proposed rule change allowing Ethereum ETFs on the Nasdaq was published for comment, but no feedback was received.
  • The SEC's delay follows its previous announcement of postponing its decision on the ARK 21Shares Bitcoin ETF.
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The United States Securities and Exchange Commission (SEC) has pushed back announcing a decision on the approval of two spot Ethereum exchange-traded funds (ETF) products.

This follows the SEC’s decision, just a day earlier, to delay its verdict on a spot Bitcoin ETF.

SEC Delays Ethereum ETF Decision Until Year-End

According to two separate filings, the SEC will delay its decision on both the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF until at least the end of 2023,

The filing that detailed the delay regarding the collaborative product between Ark Invest and 21Shares read:

“The Commission, pursuant to Section 19(b)(2) of the Act,5 designates December 26, 2023, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

However, the filing for global investment manager VanEck contained similar language but rescheduled its decision one day earlier, to December 25th.

The filing states that on September 27, the proposed rule change that would allow for Ethereum ETFs on the Nasdaq stock exchange was published for comment.

However, the SEC claims that it has received no comments on the proposal.

On September 6, both asset management firms applied for spot Ethereum ETFs. If approved, these would become the first Ether-based ETFs offering direct exposure to ETH in the US.

At the time of publication, Ethereum’s price stands at $1,599.

Ethereum Price Chart 1 Month. Source: BeInCrypto
Ethereum Price Chart 1 Month. Source: BeInCrypto

SEC Extends Deadlines in Ongoing Trend

This follows the SEC’s announcement just one day prior that it will postpone its decision on the ARK 21Shares Bitcoin ETF.

This decision was originally anticipated to be disclosed in mid-October. However, the SEC extended the deadline until January 10, 2024.

Meanwhile, Grayscale, which initially had its Bitcoin ETF application denied but had the decision overturned by a US court of appeals, is actively requesting a prompt meeting with the SEC to expedite the process.

On the other hand, a recent report citing insider sources disclosed that several firms might secure approval for an Ethereum Futures ETF by October.

Among the firms in contention, VanEck is one of them, with its application for the VanEck Strategy Ethereum ETF.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.