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Fidelity’s Spot Ethereum ETF Application Delayed by SEC

SEC Delays Fidelity’s Spot Ethereum ETF Application

According to recent developments, the SEC has delayed the approval of Fidelity’s spot Ethereum ETF application.

In a public statement, the SEC has announced that it will review, approve, or disapprove the application submitted by Cboe BZX Exchange on March 5, 2024, signaling a postponement of their decision-making timeline.

The regulatory body cited the need for additional time to thoroughly assess the implications and potential impact of the proposed product, marking it as a pioneering initiative in the U.S. market.

Originally, the SEC was expected to make a decision on the application by January 20, 2024. However, with this postponement, the evaluation process has been extended by 45 days.

This development draws parallels to the process leading up to the approval of Bitcoin spot ETFs, highlighting that such landmark financial products undergo thorough examination and scrutiny before gaining regulatory approval.