SEC Delays Decision on Ethereum ETF Proposal by Franklin Templeton – Alex Dovbnya
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on a spot Ethereum exchange-traded fund (ETF) proposal, this time submitted by Franklin Templeton. This comes after the SEC approved several spot Bitcoin ETF applications earlier this year, but the chances of approval for Ethereum ETFs remain slim.
Franklin Templeton filed its application back in February, joining other major players in the industry like BlackRock. The SEC cited the need for more time to consider the application as the reason for the delay.
Nate Geraci, a top ETF analyst, pointed out the lack of engagement from the SEC as a key reason for the low approval odds. The regulator is reportedly under political pressure not to approve ETFs for alternative cryptocurrencies and may even consider classifying Ethereum as a security, further complicating the approval process.
Despite the uncertainty surrounding ETF approval, British multinational bank Standard Chartered maintains its bullish prediction for Ethereum, expecting the price to reach $8,000 by the end of the year. Currently, Ethereum is trading at $3,235, up 1% in the last 24 hours.
It remains to be seen how the SEC will proceed with Ethereum ETFs, but the industry is closely watching for any developments that could impact the future of digital assets.
