In a significant development for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has initiated proceedings on Grayscale Investments’ application for a spot Ethereum ETF and extended the decision deadline.
Review Period For Grayscale’s Ethereum ETF
Grayscale’s application, filed with the SEC on October 10, 2023, sought approval for listing and trading shares of the Grayscale Ether Trust on the New York Stock Exchange (NYSE) Arca under the Commodity-Based Trust Shares rule.
The proposed rule change was published for public comment in the Federal Register on October 27. In response, the SEC provided an extended period to approve, disapprove, or institute proceedings on the proposed rule change, similar to the Commission’s steps before approving the Bitcoin Spot Exchange Traded Funds on January 11.
With the initiation of proceedings, the SEC stated that it would “thoroughly” analyze whether to approve or disapprove the proposed rule chan
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