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The SEC has declared its choice to prolong the assessment timeframe for multiple crypto ETFs. This encompasses staking initiatives for the Ethereum ETFs, in addition to XRP and Dogecoin ETFs, with the committee deferring its verdict to the ultimate deadline for these assets.
SEC Postpones Verdict On Ethereum, XRP, and Dogecoin ETFs
In an SEC announcement, the agency disclosed that it is prolonging the evaluation duration for the proposed regulation modification to allow staking in BlackRock’s Ethereum ETF. The authority mentioned that it considers it suitable to allocate a more extended timeframe within which it will act on the proposed regulation change. This allows adequate time to review the proposal and related topics.
With the extension, the SEC now has until the ultimate deadline on October 30 to either approve or reject the proposed regulation alteration. The committee similarly reached a decision on the proposed regulation modification to permit staking in Fidelity and Franklin Templeton’s Ethereum ETFs. The final deadline for the SEC to endorse or dismiss the proposed regulation changes for both funds is set for November 13.
There are likewise analogous applications from other Ethereum ETF issuers, including Grayscale and 21Shares, to allow staking for their respective funds. The ultimate deadline for 21Shares and Grayscale’s proposed regulation change is October 23 and 29, respectively. Given this, there’s a chance that the SEC might authorize staking for the ETH ETFs as soon as October 23. This would mirror the way the commission approved all funds to initiate simultaneously last year.
In the meantime, the SEC is anticipated to endorse these funds, considering that it has already clarified that staking activities are not classified as securities. Staking for these funds will allow investors to accrue yields while also gaining direct exposure to Ethereum.
SEC Additionally Postpones Decision On XRP And Dogecoin ETFs
The SEC has also postponed its decision regarding Franklin Templeton’s XRP ETF and Bitwise’s Dogecoin ETF. Similar to the Ethereum ETFs decision, the commission stated it needed additional time to review the proposed regulation change and the associated issues. It will now have until the final deadline on November 14 to either approve or reject the proposed regulation change for listing and trading shares of this fund.
It’s important to mention that the SEC had previously delayed the other XRP ETF applications to the final deadline. Grayscale, Bitwise, 21Shares, CoinShares, Canary Capital, WisdomTree, and Franklin Templeton have all submitted proposals for an XRP fund under the 33 Act. The initial ultimate deadline belongs to Grayscale, coming on October 18.
Meanwhile, the SEC deferred its ruling on the suggested regulation change for Bitwise’s Dogecoin ETF until the final deadline, which is approaching on November 12. Grayscale has also submitted a request for a DOGE ETF, with its last deadline on October 18.
Featured image from iStock, chart from Tradingview.com
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