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SEC Delays Decision on Grayscale's Ethereum ETF Application

Regulator seeks public comment on proposal, questioning Ethereum's proof of stake mechanism and potential for fraud.

Overview

  • The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale's application to convert its Ethereum trust into an exchange-traded fund (ETF).
  • The SEC has also delayed decisions on similar applications by BlackRock and Fidelity.
  • The SEC has asked for public comments on the proposed Grayscale Ethereum Trust, specifically questioning Ethereum's proof of stake mechanism and potential susceptibility to fraud and manipulation.
  • The SEC's decision delays follow the recent approval of 10 Bitcoin ETFs.
  • Experts suggest that an approval for a spot Ethereum ETF could come as early as May.