Market observers have been eagerly awaiting the SEC’s decision on BlackRock’s Ethereum ETF petition, which has now been delayed once again. Following the initial postponement in January, experts are now looking towards May 23 for a potential ruling, as stated by James Seyffart from Bloomberg ETF.
May 23 holds significant importance in the timeline of events as stakeholders anticipate a potential resolution on the approval of spot Ethereum ETFs.
New Developments in the Ethereum ETF Race
Prior to the delay in BlackRock’s proposal, the SEC had extended the deadline for Fidelity’s ETF proposal. Other players in the pursuit of spot ETH ETFs are also refining their approaches. Ark 21Shares has updated its documentation to include staking references, while Franklin Templeton adopted a more assertive stance by excluding brackets from their staking language.
Ethereum Price Implications of ETF Approval
Following the SEC’s approval of multiple spot Bitcoin ETFs earlier in 2024, attention has turned to how Ethereum’s price may react to ETF approval. Speculation suggests a potential approval by May 23, given past SEC filings that did not classify ETH as a security. However, uncertainties remain, especially with upcoming Ethereum upgrades in Q1 2024.
Recent Entry by Franklin Templeton in Ethereum ETF Space
As competition heats up for Ethereum ETFs, Franklin Templeton has emerged with eight applications. This move reflects the growing interest in Ethereum-based investment products within the expanding cryptocurrency industry. Franklin Templeton’s application introduces the Franklin Ethereum ETF, with custodians appointed for ether and cash assets, signaling a significant step in Ethereum’s market accessibility.
Expert Perspectives on Ethereum ETF Approval
While anticipation for Ethereum ETF approvals grows, not all experts believe approvals are imminent. Legal complexities and regulatory considerations in Washington, D.C., raise doubts about swift approvals. SEC Chair Gary Gensler’s distinction between Bitcoin and other cryptocurrencies as securities further complicates the approval process.
Updated List of Ethereum ETF Candidates
With the Ethereum ETF approval deadline looming, a diverse group of companies have submitted applications since September 2023. The latest entrant, Franklin Templeton, joined the race in February 2024, adding to the list of prominent contenders positioning themselves to capitalize on the growing demand for Ethereum investment products.
