The U.S. Securities and Exchange Commission (SEC) has once again delayed the deadline for a decision on BlackRock and Fidelity’s applications to launch Ethereum (ETH) spot ETFs. This information was found on the SEC’s website. The SEC postponed the deadline and requested comments from market participants.

“The Commission has reached any conclusions concerning any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to comment on the proposed rule change.” – SEC statement

This is the second time the SEC has postponed the decision on the applications, with the first postponement occurring in January 2024. The March postponement is the second delay. The SEC may change the decision date on applications up to three times in total.

According to Bloomberg analyst James Seyffarth, the Ethereum spot ETF could potentially enter the market on May 23, 2024, which is also the deadline for the SEC to decide on VanEck’s application to launch a spot Ethereum-ETF.

In February, Franklin Templeton, an American investment fund managing $1.5 trillion in assets, joined the list of applications to launch an Ethereum-ETF. The company plans to utilize Coinbase as a custodian for storing ETH. Units of the Franklin Ethereum ETF will be traded on the Chicago Board Options Exchange (CBOE).

Despite the SEC’s decision, the price of Ethereum has not been affected. The cryptocurrency is up more than 7% over the past 24 hours, trading above $3,700 at the time of writing, according to data from CoinMarketCap.

The growth of ETH follows Bitcoin’s rapid rally, with BTC nearing its all-time high on March 4, reaching $68,770.

Stay updated with the latest news on Global Crypto News to learn more about the developments in the cryptocurrency market.

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