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SEC Delays Ethereum ETF Staking Verdict – Here’s Why and What Next?
The United States Securities and Exchange Commission (SEC) has delayed its decision on Ethereum [ETH] exchange-traded fund (ETF) staking and in-kind redemption. The regulator initially set a deadline for the review process, but it has now extended this timeframe to June 2025.
This development comes amid increasing scrutiny of cryptocurrency ETFs, with regulators globally focusing more attention on digital assets. It is crucial to understand what led to this delay and what implications it may have for the Ethereum market.
It appears that the SEC sought additional time to deliberate on staking and in-kind redemption for Grayscale’s two spot ETH ETF applications. The regulator has also postponed its decision on these issues for other ETF providers, including Bitwise, VanEck, 21Shares, Fidelity, Invesco Galaxy, and Franklin Templeton.
In a significant development, only BlackRock has yet to apply for similar staking provisions for their respective ETH ETF products. However, Robert Mitchnick, the head of digital assets at BlackRock, has publicly acknowledged the potential benefits of staking for these products.
The SEC’s crypto task force has held roundtable discussions with key industry stakeholders like Jito, MultiCoin Capital, and BlackRock regarding cryptocurrency ETF staking and in-kind redemption. It remains to be seen how this will impact the Ethereum market moving forward.
ETH’s speculative interest has not been significantly impacted by this update, as Open Interest (OI) has decreased since February, plummeting from nearly $26 billion to below $20 billion. ETH’s 4-hour price chart also depicts a bearish rising wedge pattern, which could potentially lead to prices falling below $1500 if validated.
As the market continues to unfold, investors will be closely monitoring the developments surrounding Ethereum ETFs.
Source: https://ambcrypto.com/sec-delays-ethereum-etf-staking-verdict-heres-why-and-what-next/
