The American Securities and Exchange Commission (SEC) will let us in excitement again. The long -awaited decision on the allowance of Ethereum (ETH) strike for Grayscale’s Exchange Traded Funds (ETFs) is postponed until 1 June 2025. With that, the regulator will shift the deadline of April 17. Why does the SEC shed the decision on the long track?
Grayscale wants to add strike to ETH funds
What’s all about? A proposal from NYSE ARCA, a digital stock exchange in the US that focuses on ETFs, which was submitted to the SEC on 14 February. With this plan they want to make a strike possible for both the Grayscale Ethereum Trust ETF and the Ethereum Mini Trust ETF. And that would be a nice step. It allows private and institutional investors to simply earn passive returns with their crypto, without hassle. But unfortunately, we still have to be patient.
Vaneck and Wisdomtree also have to wait a while
And Grayscale is not the only one who is on hold. The decision on the so-called ‘in-child’ creations and repayments for the Bitcoin (BTC) and Ethereum Spot ETFs from Vaneck and Wisdomtree has also been moved to 3 June. What exactly does this mean? It is a specific process that makes it possible to immediately bring in Crypto or pay it through the fund, without all having to be converted to dollars first.
Under the tight regime of Gary Gensler, that was still mandatory, which caused extra costs and delays, but also for less flexibility. To skip that step, the entire process becomes more efficient, cheaper and more attractive for large parties who want to act directly with crypto.
Paul Atkins at the helm
The delay comes at a striking moment: Paul Atkins has finally been officially appointed as new chairman of the SEC, after a long period of waiting. And that is good news for the crypto world. Atkins is known as a pronounced pro-Crypto. His appointment is therefore seen as the start of a change of course within the regulator.
Source: https://newsbit.nl/crypto-staking-bij-etfs-grayscale-moet-langer-wachten-van-sec/
