Securities and exchanges defer their decision on Ethereum ETF
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Reports yesterday indicated that the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the application for an Ethereum Immediate Exchange-Traded Fund (ETF) submitted by Grayscale for trading on the stock exchange. The review period has been extended, with a new final deadline set for January 25, 2024.
According to the latest filing from the SEC, the committee has rescheduled the final date to replace the previous maturity date of December 11, 2023. This delay aims to allow a longer period for comprehensive consideration of the proposed rule change and the associated issues.
The reports further explained that the SEC stated in its clarification that it deems it appropriate to set a longer period to take action on the proposed rule change, providing sufficient time to review the proposed rule change and the raised concerns.
It's worth noting that earlier forecasts from the global British bank Standard Chartered suggested a strong surge for the world's second-largest cryptocurrency (Ethereum), potentially multiplying by more than five times by the end of 2026.
In this regard, Jeff Kendrick, the Head of Forex Research at Standard Chartered, clarified in a memo that the value of Ethereum could reach $8,000 over the next two years, fueled by the widespread use of the cryptocurrency in blockchain-based contracts known as smart contracts, as well as in gaming and traditional asset tokenization.
