Grayscale and BlackRock Await Approval

• SEC delays decision on Grayscale and BlackRock’s spot Ether ETF applications.
• Ethereum’s market price demonstrates ongoing volatility amidst regulatory uncertainty.

The latest development in the cryptocurrency market regarding Spot Ether ETFs reveals that the U.S. Securities and Exchange Commission (SEC) has postponed its decision, initially made on Thursday, on an application by crypto asset manager Grayscale Investments. This application aims to transform its Ethereum trust product into a spot exchange-traded fund (ETF). Concurrently, finance industry giant BlackRock is also awaiting approval for a similar product.

This delay follows a previous report from CNF, highlighting the SEC’s ambiguous position on approving spot Ethereum ETFs. This uncertainty is compounded by internal resistance within the SEC and a range of opinions among experts. Despite this, a recent update from Reuters suggested that there’s approximately a 70% chance of Ethereum ETF approval by May.

Furthermore, the U.S. markets regulator also deferred its decision on Wednesday regarding BlackRock’s application to launch a spot crypto ETF, as indicated in exchange filings. A spot crypto ETF uniquely tracks the real-time market price of its underlying digital asset. This arrangement allows investors to gain exposure to the token without the necessity of purchasing the currency directly.

As the market anticipates decisions on the applications from Grayscale and BlackRock, Ethereum’s (ETH) price dynamics reflect this period of uncertainty. The provided price chart shows that ETH is currently trading at $2,212.48, having decreased by 0.47% in the past day and 10.43% over the previous week.

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