Delayed Again: When Will Grayscale’s Spot Ethereum ETF Approval Process Go Ahead

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s spot Ethereum ETF proposal. The SEC has extended the review period until June 23. The ruling marks another delay in the U.S. cryptocurrency-based ETF approval process.

Grayscale filed Form 19b-4 with NYSE Arca in October for approval to transform its current Ethereum Trust into a spot ETH ETF. In January, Grayscale converted its Bitcoin Trust Fund into a spot Bitcoin ETF.

Grayscale Ethereum ETF Approval Faces Delay

The SEC’s decision to postpone is further premised on the concerns and amendments associated with the proposal. The regulator said that these amendments require a longer period to evaluate and resolve any issues. The revised proposal is undergoing a comprehensive review to ensure that it meets all regulatory requirements.

This issue is not unique to Grayscale. Other asset managers have also seen their similar applications delayed by the SEC. Notably, Franklin Templeton’s application has been delayed until June 11. Other large entities such as BlackRock, Fidelity, and VanEck have also been delayed.

SEC Suspends Ethereum ETF Due to Concerns

Following the latest action by the SEC, Grayscale has taken further steps to improve its application. The company filed a Form S-3 under U.S. securities laws to further its activities in the context of an Ethereum ETF issuance. These steps highlight Grayscale's commitment to obtaining approval.

The delay in the approval of the Ethereum ETF spot is a testament to the regulator's continued attention. Analysts say that adding staking functionality to certain applications could cause problems. SEC Chairman Gary Gensler stressed that most crypto assets represent securities. This view may affect the SEC's cautious approach to these ETFs.

However, even in the face of setbacks, the crypto ETF market has seen considerable activity. Since its spot Bitcoin ETF was approved, it has reportedly accumulated net inflows of more than $12 billion. In contrast, Grayscale's Bitcoin Trust has seen huge outflows, with managed volumes decreasing by 50% this week.

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