The U.S. Securities and Exchange Commission is seeking public comment on changes proposed by BlackRock to its Spot Ethereum exchange-traded fund.
The world's largest asset manager is competing with other companies for a spot Ethereum ETF, but optimism that it will get the green light from the SEC within the next month has faded.black rock It has been submitted In November 2023, he named the Spot Ethereum ETF iShares Ethereum Trust and stated that it aims to: “It generally reflects the price performance of Ether.”
In January, the SEC delayed a decision on BlackRock's Spot Ethereum ETF, and on April 19, Nasdaq filed a complaint. correction For suggestions.
“The Commission is publishing this notice to solicit comment from interested parties on the proposed rule changes as amended by Amendment No. 1,” the SEC said in a Tuesday filing.
Comments will be posted on the SEC's website and are due within 21 days, the agency said.
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In an amended filing, the exchange discussed the ETF's creation and redemption process, saying, “The basket will only be sold in exchange for cash in an amount determined by the trustee on days when Nasdaq is open for regular trading.” be issued or redeemed.”this is different from the original filing Starting in November, it says the process will involve ether.
The process of adopting the so-called cash redemption model and in-kind model was extremely difficult. scrutinized Last year, the issuer met with the SEC regarding the Spot Bitcoin ETF. The products subsequently received regulatory approval in January.
BlackRock’s latest amendments do not mention staking. Other companies, e.g. fidelity and grayscale, modified the Spot Ethereum application to include provisions for staking. Grayscale also proposed a creation and redemption process that involved cash.
Including famous companies, fidelity and black rock, I applied for the Spot Ether ETF over the past few months. Optimism that the SEC will approve such products is gradually waning. For example, Bloomberg ETF analyst Eric Balchunas said: lowered He estimates the chances of a Spot Ethereum ETF being approved by May are around 70% to 25%.
Early Tuesday morning, the agency pushed The timeline for decisions on other proposals from Franklin Templeton and Grayscale is backdated to June.
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