SEC delays decision timeline for BlackRock's proposed spot Ethereum ETF to March

SEC delays decision timeline for BlackRock's proposed spot Ethereum ETF to March

The Securities and Exchange Commission delayed its decision timeline on BlackRock's proposal for a spot Ethereum ETH -0.38%

exchange-traded fund to March, according to a filing.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," according to Wednesday's filing.

The SEC will now face a March 10 deadline to approve, disapprove or institute additional proceedings on the proposed fund.

BlackRock filed for its spot Ethereum ETF, called the iShares Ethereum Trust, in November. Fidelity's application for the Fidelity Ethereum Fund was also delayed, according to a filing posted last week.

Bloomberg Intelligence ETF analyst James Seyffart said delays for spot Ethereum ETF proposals will likely continue.

"Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd," Seyffart said on Wednesday in a post on X.

Will there be a spot ether ETF?

Crypto experts have been both optimistic and pessimistic that a spot ether ETF is on the horizon, and some think an approval from the SEC could come as early as May following the approval of spot bitcoin ETFs earlier this month.

SEC Chair Gary Gensler threw some cold water on the idea of other crypto linked exchange traded products.

"As I said two weeks ago, that which we did with regard to bitcoin exchange traded products is cabined to this one commodity non-security and shouldn't be read to be anything other than that," Gensler said during a media briefing earlier on Wednesday.