According to breaking information, the SEC postponed BlackRock's spot Ethereum ETF application.
If approved, iShares Ethereum Trust, which will be listed on Nasdaq, will provide investors with access to the second largest cryptocurrency, Ethereum, without directly owning it.
BlackRock plans to convert its existing trust into a “spot” ETF; This means that it will directly own ETH instead of futures tied to ETH.
While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.
Bitcoin spot ETFs were approved approximately two weeks ago. Surprisingly, the necessary vote for approval was cast by SEC Chairman Gary Gensler.
Bloomberg ETF analyst James Seyffart said in his statement on the subject: “Spot Ethereum ETF postponements will continue to occur sporadically over the next few months. The next important date is May 23.”
*This is not investment advice.