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Fidelity’s Ethereum ETF Application Delayed!! The U.S. Securities and Exchange Commission (SEC) has delayed its deadline for deciding on Fidelity’s Ethereum spot proposal.
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The SEC said, “The Commission finds it appropriate to establish a longer period for acting on the proposed rule change in order to have sufficient time to consider the proposed rule change and the issues raised therein.”
Fidelity filed for its Ethereum Fund in November, and its proposal cited a court ruling in which judges said they could not find a consistent reason why the SEC should deny spot crypto ETFs while allowing futures-based products.
The SEC will now have more time to make a decision on whether to approve, disapprove, or sue.
“Fidelity Ethereum ETF is delayed right now. Completely expected. Dates that really matter are late May in my view,” Seyffart wrote in a post on X.
The SEC last week allowed 11 spot Bitcoin ETFs to begin trading, leading some in the industry to wonder if the next spot Ethereum ETF would be coming soon.
Fidelity joined other giant BlackRock in the Ethereum ETF race a few months ago. Ethereum futures ETFs went live a month before these firms applied for spot products.
“The fact that they allowed futures ETFs to list is enough to say that they think about Ether the same way they think about Bitcoin, and from that you can understand that they probably think it’s not a security and they’re not going to regulate it,” Stuart Barton, co-founder of Volatility Shares, said last week.