SEC Delays BlackRock Ethereum ETF Decision Until March

The Securities and Exchange Commission (SEC) has postponed the deadline for passing a judgment on the proposed spot Ethereum (CRYPTO: ETH) exchange-traded fund by BlackRock Inc (NYSE: BLK) to March 10.

What Happened: The SEC extended the decision-making time frame for the proposed rule amendment Wednesday, citing the need for "sufficient time to consider the proposed rule change and the issues raised therein."

BlackRock filed the application with the SEC on Nov. 21. The delay follows the SEC's delay of Fidelity's application on Jan. 18 and comes as no surprise to industry experts.

James Seyffart, an ETF analyst at Bloomberg Intelligence, suggested as much in a comment on his X account:

Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd https://t.co/2zBBvHkrVk

— James Seyffart (@JSeyff) January 24, 2024

Why It Matters: Spot Ethereum ETFs have been getting increasing attention, with BlackRock and Fidelity among the contenders for approval.

The delay in the SEC’s decision has been widely expected, as discussion continue on the merit of more cryptocurrency-based investment products.

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