Cryptocurrency ETFs have created waves of interest from the crypto community, and interest has been extended to Ethereum ETF approval after Bitcoin ETF approval on January 10th by the Security and Exchange Commission (SEC). However, on Tuesday, the SEC delayed Ether ETF applications jointly proposed by Invesco and Galaxy Digital.
According to ETF analyst James Seyffart of Bloomberg Intelligence, the delay was 100% expected to happen. “We expect more delays to happen, but the only date that matters is March 23, the final day for Ether ETF approval,” he wrote on his Twitter (X) account.
Moreover, Ether ETF applicants have been delayed by the SEC; for instance, two weeks ago, the SEC delayed a decision on Ether ETF approval proposed by Fidelity Investment. Additionally, the Blackrock Ether ETF approval decision was also postponed until March 10 by the SEC.
Approval of the Ether ETF would mark significant growth in cryptocurrency and open doors to investors who have put their faith in Ethereum’s growth. Currently, Ethereum futures listed on CME are the only means that regulated investors and professional investors can get exposure to Ethereum. Moreover, ETFs open doors for investors to purchase cryptocurrency in a less complex way; they do not need to purchase Ethereum or store the crypto directly.
Standard Chartered, the biggest British bank, has strong hopes for the performance of Ethereum in the crypto market. On a January note, the bank published that “Ethereum is expected to outperform Bitcoin ahead of Ether ETF approval on May 23rd.” The British Financial King expressed concern, saying they expect Ethereum to increase 70% before the final day.
Ethereum investors, analysts, and market experts are optimistic that the Security and Exchange Commission (SEC) will approve Ether Exchange-Traded Funds. Despite the denials made by the U.S. watchdogs, all eyes are on the SEC on May 23rd, when the SEC will either approve or deny ETFs.