Observers of the cryptocurrency industry, who were recently attentive to the approval of Bitcoin ETFs, have turned their eyes towards the developments of Ethereum ETF applications. The U.S. Securities and Exchange Commission (SEC) has postponed its verdict on an Ethereum ETF proposal from Franklin Templeton, a notable investment firm. This has created a temporary standstill in the progression of Ethereum’s ETF availability.
Ethereum’s ETF Journey Hits Regulatory Roadblock
The SEC, which previously greenlit Bitcoin ETFs, is currently reviewing several Ethereum ETF submissions. However, the regulatory institution has opted to defer its decision on Franklin Templeton’s ETF offering. Despite this delay, market experts are actively discussing the situation, noting that Ethereum’s price has experienced an uptick linked to the anticipation of ETF approvals.
Market Reactions and Future Expectations
Analysts believe that the SEC is likely to authorize Ethereum-centric ETFs in due course, following the Bitcoin ETF precedent. However, they acknowledge the SEC’s legal prerogative to postpone or extend its decision-making timeframe, which it is currently utilizing. Amidst this regulatory suspense, Ethereum’s market value reflects resilience, with a 1.4% increase over the past day, trading at $3,874 at the time of reporting.