In a recent development, the SEC postponed its decision on Franklin Templeton’s spot Ethereum ETF. The regulatory body has marked June 11, 2024 as the date for the decision. Hopes for an ETF are dwindling as the SEC keeps delaying spot Ethereum ETF decisions. Ethereum ETFs are unlikely to be approved in May, Standard Chartered said in a report. Meanwhile, rising macro risks have caused a slowdown in spot Bitcoin ETF inflows.
SEC postpones Franklin Templeton’s Ethereum ETF decision!
cryptokoin.comAs you follow from, the US SEC does not allow the highly anticipated spot Ethereum ETFs. Accordingly, the SEC has delayed making a decision on the next steps for investment firm Franklin Templeton’s spot Ethereum ETF. The SEC announced Tuesday that the agency is extending the decision deadline until June 11, 2024. He also noted that after this date, the SEC may approve or disapprove or initiate action. In this context, the SEC included the following statements in its statement:
The Commission finds it appropriate to establish a longer period for taking action on the proposed rule change in order to have sufficient time to consider the proposed rule change and the issues raised herein.
Spot Ethereum ETF hopes are waning!
Franklin Templeton filed its S-1 registration statement for the Franklin Ethereum ETF in February. The firm said the fund will reflect the overall price of ETH. He also stated that Coinbase Custody Trust Company and Bank of New York Mellon will be custodians. Meanwhile, the SEC has delayed decisions on applications for other Ethereum ETFs, including VanEck’s spot Ethereum ETF and one from BlackRock.
Major firms, including Fidelity and BlackRock, have filed applications for a spot ether ETF in the past few months. Optimism for the SEC to approve such a product has gradually diminished over the past few months. For example, Bloomberg ETF analyst Eric Balchunas lowered his estimate for the chances of spot Ethereum ETF approval by May from around 70% to 30%.
Standard Chartered: ETH ETFs May’ta not likely:
Investment bank Standard Chartered predicts that US regulators will likely not approve Ethereum ETFs in May. The approval of Bitcoin exchange-traded funds in January caused Bitcoin to rally. However, Standard Chartered does not see a downtrend for Ethereum ETFs.
According to a research report published by the bank, digital assets have gone through a negative period recently. But the worst is over. Additionally, the crypto market is well positioned to recover. However, analysts state that spot Bitcoin ETF inflows have stopped. He also says that it is now unlikely that Ethereum ETFs will receive approval in May as expected. In a previous report, the bank stated that spot Ethereum ETFs would likely receive approval on May 23.
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