US SEC Delays Grayscale Ethereum Futures ETF Approval, ETH Price Under Pressure
The US Securities and Exchange Commission has postponed its decision on approval of Grayscale Ethereum Futures Trust’s Ethereum ETF application. The new deadline is May 30, according to the document submitted Friday.
SEC Wants More Time
Under the Securities Exchange Act of 1934, the agency has a time frame of 180 days or six months from issuance of notice of proposed rule changes. Grayscale submitted its application in September, and the agency delayed its decision in November. The SEC said in its latest filing:
In a recent X post, Bloomberg ETF analyst James Seyffart commented that the delay was expected. Seyffart, who previously suggested that Grayscale engaged in strategic maneuvers to gain spot Ethereum ETF approval from the SEC, emphasized the deliberate nature of their approach.
The agency had previously delayed its decision-making timeline on Grayscale’s Ethereum futures ETF several times. However, it is noteworthy that the SEC had previously approved a number of Ethereum futures ETFs in October 2023, including offerings from ProShares, VanEck, and Bitwise.
Ethereum (ETH) Price Under Pressure
As reported, the Ethereum community has joined forces with solana in response to ongoing security allegations raised by the Securities and Exchange Commission (SEC). Simultaneously, Ethereum’s native cryptocurrency, ETH, has experienced a significant retreat of approximately 18% since peaking on March 11. As of the moment the article was published, Ethereum price is trading at $3,326, down 5.16%, and its market value is $400 billion.
Additionally, Ethereum whale activity in the cryptocurrency market has peaked in 2024, reflecting increased interest and activity among large-scale investors.
Kindness: centimeter
Analysts emphasize the importance of monitoring the 30-day average returns of ETH wallets, which currently present a positive buying opportunity. Additionally, Ethereum’s Relative Strength Index (RSI) dropped to 28.5, marking its lowest level since the price bottomed in late January.
✓ Share:
Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#SEC #Delays #Grayscale #Ethereum #Futures #ETF #Approval #ETH #Price #Pressure
