- US SEC has delayed its decision regarding Grayscale’s and Franklin Templeton’s proposals.
- Grayscale intended to spin-off a Mini Ethereum Trust once ETHE was converted to ETF.
In a not-so-surprising move, the US Securities and Exchange Commission (SEC) has delayed the decision on the next Grayscale’s and Franklin Templeton’s proposed spot Ethereum [ETH] ETFs.
SEC’s decision on Franklin Templeton & Grayscale applications has been pushed back until the 11th & 23rd June respectively.
Grayscale Ethereum Trust: The decision on the conversion proposal is delayed [ETHE] SEC has issued a directive on ETFs noted,
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1, and the issues raised therein.”
Grayscale announces plans to spin off ETHE as a Mini Trust
SEC informed the public of the delay in the announcement on April 23, 2018. Grayscale, on the 23rd of April, announced that it would spin-off a Mini Ethereum Trust. This trust will likely have lower fees than its ETHE.
The statement is a part read,
“Our goal is for $ETH to launch as a spin-off from $ETHE. The 14C describes the mechanics of how shares of Grayscale Ethereum Mini Trust would be spun-off and distributed to ETHE shareholders, again subject to regulatory approval.”
Other movements were also made on-the-spot ETH ETF proposal. Bloomberg ETF analyst James Seyffart referred to them. “standard” He is a he summarized New developments
“Bunch of movement on #ethereum ETFs from multiple issuers & SEC: Grayscale Just filed their S-3/prospectus for converting $ETH, (expected & standard) SEC delayed decisions on Grayscale & Franklin, BlackRock filed amendment to their 19b-4 ETH ETF application”
Bloomberg ETF Analyst Eric Balchunas reacted to Seyffart’s summary. He saw this movement as an a “vain” Try to get the SEC’s attention.
The following is a list of the most popular ways to get in touch with someone. emphasized,
“Great summary of all the action.. which looks like a final nudge to try and get the SEC’s attention, although most likely in vain. We were pessimistic on approval bf it was cool and we’re pessimistic now too.”
As the US rejection of the ETH ETF in May looks even more severe, most ETH Investors will focus their attention on Hong Kong ETFs.
Polymarket is a platform for prediction marketsMay approval bets For US spot ETFs, the drop was below 15%.
Hong Kong spot Ethereum ETFs are set to begin trading officially on 30 April. Issuers will charge fees of less than 1%. fee wars loom.
At the time this article was written, ETH traded at $3150. It remains to be determined if the Hong Kong-based ETFs can boost ETH’s retest to $4K.
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Source: ambcrypto.com