The U.S. Securities and Exchange Commission has delayed its resolution on the approval of the Grayscale Ethereum Futures Trust’s Ethereum ETF software. The new deadline is ready for May 30, as per the document filed on Friday.
SEC Seeks More Time
Under the Securities Exchange Act of 1934, the company has a timeframe of 180 days or six months from the publication of the proposed rule change discover. Grayscale submitted its software in September, and the company postponed its resolution in November. In its latest submitting, the SEC stated:
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein”.
In a latest X publish, Bloomberg ETF analyst James Seyffart commented that the delay was anticipated. Seyffart, who has beforehand steered that Grayscale is strategically maneuvering to safe eventual approval for a spot Ethereum ETF from the SEC, emphasised the deliberate nature of their strategy.
There’s the delay order for @Grayscale‘s Ethereum Futures ETF Filing — as anticipated. pic.twitter.com/gT3x8iw3Ml
— James Seyffart (@JSeyff) March 22, 2024
The company has beforehand postponed its decision-making timeline for Grayscale’s ether futures ETF on a number of events. However, it’s noteworthy that the SEC had beforehand authorised a set of ether futures ETFs in October 2023, which included choices from ProfessionalShares, VanEck, and Bitwise.
Ethereum (ETH) Price Under Pressure
As reported, the Ethereum community joined forces with Solana in response to ongoing safety allegations raised by the Securities and Exchange Commission (SEC). Concurrently, Ethereum’s native cryptocurrency, ETH, has undergone a notable retracement of roughly 18% since reaching its peak on March eleventh. As of press time, the Ethereum price is buying and selling 5.16% down at $3,326 with a market cap of $400 billion.
Furthermore, the Ethereum whale exercise throughout the cryptocurrency market has surged to its highest ranges in 2024, reflecting heightened curiosity and exercise amongst large-scale buyers.
Analysts emphasize the significance of monitoring the 30-day common returns of ETH wallets, which presently recommend a positive shopping for alternative. Additionally, Ethereum’s Relative Strength Index (RSI) has declined to twenty-eight.5, marking its lowest stage since experiencing a worth backside in late January.
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