SEC Extends Review Period for Diverse Crypto ETFs

In a significant move, the U.S. Securities and Exchange Commission (SEC) has decided to prolong its review process for various cryptocurrency Exchange-Traded Funds (ETFs). This extension includes proposals for Ethereum staking, alongside funds for XRP and Dogecoin. The regulatory body is utilizing the full period up to the final deadlines to thoroughly evaluate these offerings.

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Detailed Insights into the Review Extension for Ethereum, XRP, and Dogecoin ETFs

SEC’s Deliberations on Ethereum ETFs

The SEC has issued a statement announcing its decision to extend the consideration period for BlackRock’s Ethereum ETF. This move aims to provide the commission ample time to assess the proposed rule changes, especially those allowing for staking within the fund. The final verdict on the Ethereum ETF is expected by October 30. Additionally, the SEC will reach a decision regarding the staking proposals in Fidelity and Franklin Templeton’s Ethereum ETFs by November 13.

Other Ethereum ETF issuers, including Grayscale and 21Shares, have submitted similar applications. The SEC’s deadline to rule on these applications is set for October 23 for 21Shares and October 29 for Grayscale. An approval could potentially enable all these funds to commence staking simultaneously, akin to the previous year’s collective launch.

The approval of staking for these ETFs could allow investors to earn returns while simultaneously gaining direct exposure to Ethereum, especially after the SEC’s clarification that staking activities are not considered securities.

SEC’s Decision Pending on XRP and Dogecoin ETFs

In parallel, the SEC is taking additional time to decide on Franklin Templeton’s XRP ETF and Bitwise’s Dogecoin ETF. The commission needs more time to carefully examine the proposed rule changes. The final decision for the XRP ETF is anticipated by November 14, which aligns with previous postponements of related applications by numerous companies, such as Grayscale, Bitwise, and WisdomTree. Grayscale’s application will be reviewed first, with the deadline on October 18.

Bitwise’s Dogecoin ETF proposal also awaits the SEC’s final decision, set for November 12. Grayscale has similarly filed a DOGE ETF application with a deadline on October 18.

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