SEC Delays Approval of Ethereum ETF, Postpones Date to March

The Securities and Exchange Commission (SEC) has surprised many by postponing the approval date for the Ethereum ETF from January 20, 2024, to March 5, 2024. The extension request, submitted by Cboe BZX in November, has sparked significant discussion within the financial community. The SEC stated that it needs more time to carefully consider the proposed rule change and the raised concerns. This delay has prompted various reactions from analysts and industry figures, with some predicting an Ethereum ETF approval in May with a 70% chance. If approved, the ETF would seamlessly integrate Ethereum-based investments into mainstream financial markets, providing indirect exposure to the crypto market and boosting investor confidence. Bloomberg analyst James Seyffart expects the approval to come in May 2024. The delay is seen as advantageous for the SEC as it allows for a thorough review and addressing of potential issues that could negatively impact investors.