Us SEC Delays Decision on BlackRock’s Spot ETH ETF

Us SEC Delays Decision on BlackRock’s Spot ETH ETF

The⁣ US ‍Securities and Exchange Commission (SEC) has ⁢delayed its ‌decision to approve the BlackRock spot Ethereum Trust.⁢ This delay comes after the SEC approved nearly a dozen Bitcoin spot ⁣ETFs in January, leading to a surge in demand for these⁢ products. BlackRock’s iShares Bitcoin ​Trust (IBIT) has already attracted $10 ⁤billion ‍in assets under‍ management (AUM) in just two months since its launch.

In addition ​to BlackRock, other asset managers such as Franklin Templeton, Fidelity, Grayscale, VanEck, Invesco,⁣ Galaxy, Ark Invests, and 21Shares have ​all filed applications for a spot Ethereum ETF. The SEC’s cautious approach⁢ towards crypto ETFs is evident in their delay in making decisions, as they⁢ carefully assess the risks and‍ regulatory considerations associated⁤ with these products. It’s ⁤worth noting that it took over ten years for a ‍Bitcoin⁢ spot ETF to be approved, with the Winklevoss twins initially applying for it in ​2013.

Meanwhile, Ethereum has seen a‍ significant increase in gas fees, reaching levels ‌not seen since March 2023. This surge in gas fees is attributed to the growing interest in a new experimental token standard called ERC-404. On February 9th, Ethereum gas prices hit a peak of 70 gwei, equivalent to $60 for a standard transaction, with peak costs reaching 377 gwei. Several factors contributed to the increased gas fees, but the main trigger⁤ was the hype surrounding ​the ERC-404 token standard.

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