According to PANews, the U.S. Securities and Exchange Commission (SEC) has announced that it will postpone its decision on the Grayscale Ethereum Spot ETF until June 23, 2024. This information was revealed in a document submitted by the SEC on Tuesday. Grayscale, in collaboration with NYSE Arca, had submitted a 19b-4 form in October last year to convert the Grayscale Ethereum Trust into an Ethereum Spot ETF.
Prior to this, the SEC had also delayed its decision on the Franklin Ethereum Spot ETF until June 11, 2024. The SEC's decision to postpone the verdict on these ETFs indicates a cautious approach towards the regulation of cryptocurrency-based financial products. The delay provides the SEC with additional time to assess the potential risks and benefits associated with these products before making a final decision.
