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SEC Postpones Grayscale's Application for Ethereum - Coin Newsletter
The U.S. Securities and Exchange Commission (SEC) has again postponed Grayscale's application for a spot Ethereum ETF.
While explaining the reason for the postponement of the application, the SEC pointed to the proof-of-stake algorithm used in Ethereum and whether it would lead to the "concentration of control or influence in the hands of a few individuals or institutions" in the network.
According to the statement made by the SEC, a response can be made for 21 days regarding the institution's postponement decision. There will be a 35-day deadline to refute the concerns raised by the agency.
The agency, which oversees the securities market, recently decided to postpone spot Ethereum ETF applications made by BlackRock and Fidelity.
Cryptocurrency experts are divided on whether or not spot Ethereum ETFs should be approved. According to Bloomberg Intelligence analyst James Seyffart, the next important date for spot Ethereum ETFs is May 23.