The Security and Exchange Commission today said that it will need more than 45 days to evaluate a rule change that would allow Grayscale to convert its Ethereum trust into an Ethereum spot ETF. The new deadline is January 25, 2024.
The news comes as the regulatory body received notice from investing giant BlackRock that its pending Bitcoin spot ETF has already drawn $100,000 in seed funding from an undisclosed investor.
For Grayscale, the decision comes two weeks after the SEC delayed a separate request from the crypto asset manager to evaluate its proposal for an Ethereum futures ETF. That application was submitted in September.
“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 the official notice.
This is a developing story and is being updated with the latest information.
