SEC Pushes Back Decision on BlackRock, Fidelity's Ether ETF Applications
SEC Requests More Time for Review
The Securities and Exchange Commission (SEC) has once again postponed its decision on the applications for exchange-traded funds (ETFs) that would invest in Ethereum's native cryptocurrency, ether (ETH). The SEC has requested additional time to review the applications submitted by BlackRock, Fidelity, and six other firms.
BlackRock's Ether ETF Ambitions
BlackRock, the world's largest asset manager, has proposed creating an ETF that would hold ether. This move is seen as a significant step in the crypto industry's evolution, as it would signal the endorsement of a major financial institution.
SEC's Concerns
The SEC has not provided specific reasons for the delay, but it is likely that the agency is scrutinizing the anti-money laundering and fraud prevention measures proposed by the applicants.
Industry Reaction
The crypto community has reacted with mixed emotions to the SEC's decision. Some see it as a sign that regulators are taking a cautious approach to the crypto industry. Others believe that the delay is indicative of the SEC's lack of understanding of the technology.
The SEC's decision is expected to have a significant impact on the crypto market. If the applications are approved, it could lead to a significant influx of institutional capital into the industry.
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