- The US SEC delayed decisions on the Grayscale and Franklin Templeton proposals.
- Grayscale had plans to spin off a mini-Ethereum trust after converting ETHE into an ETF.
Not surprisingly, the U.S. Securities and Exchange Commission (SEC) has postponed a decision on the next steps for Grayscale and Franklin Templeton's proposed spot. Ethereum [ETH] ETF.
The SEC postponed decisions on Franklin Templeton and Grayscale's applications to June 11 and June 23, respectively.
Regarding the delay in deciding on the Grayscale Ethereum Trust conversion proposal [ETHE] ETF to SEC I got it.,
“The Committee determined that specifying a longer period was appropriate. Issue an order approving or disapproving the proposed rule change to allow sufficient time Consider the proposed rule changes as amended by Amendment No. 1 and the issues raised. among them. ”
Grayscale announces plans to spin off ETHE into a minitrust
The SEC announced the delayed decision on April 23. On the same day, Grayscale announced plans to spin off a mini-Ethereum trust, possibly lowering fees from his ETHE.
Part of the statement read,
“Our goal is for $ETH to be launched as a spin-off from $ETHE. 14C will include a mechanism for how Grayscale Ethereum Mini Trust shares will be spun off and distributed to ETHE shareholders. This is also subject to regulatory approval.”
There were other developments in the Spot ETH ETF proposal. Bloomberg ETF analyst James Seifert called them “standard.” summarized New development.
“A series of moves by multiple issuers and the SEC regarding #ethereum ETFs: Grayscale just filed an S-3/prospectus for $ETH conversion, the (expected and standard) SEC delayed decision on Grayscale and Franklin, and BlackRock filed a 19b-4 ETH ETF application. I have submitted a fix. ”
Reacting to Seifert's summary, Bloomberg ETF analyst Eric Balciunas deemed the move a “futile” attempt to get the SEC's attention.
he emphasized,
“A great summary of all the action. Looks like a final push to get the SEC's attention, although it will likely be in vain. We were pessimistic as the approval was cool But I'm still pessimistic.”
Most ETH investors will likely focus on the Hong Kong ETF going forward, as the May rejection of the US spot ETH ETF appears to be even more serious.
About Polymarket, a prediction market platformMay approval bets on US spot ETH ETFs fell below 15%.
The Hong Kong Spot ETH ETF will officially begin trading on April 30th, and the issuer will set fees at less than 1%. price war loom.
That said, at the time of writing, ETH was trading at $3,150. It remains to be seen whether the Hong Kong ETF will push the ETH retest to $4,000.
