Breaking: US SEC Delays Decision On Ethereum ETF Options Trading
Highlights
- The US SEC has delayed its decision on the NYSE options trading for the Ethereum ETF.
- The Commission is also expected to delay the Nasdaq's proposed rule change to list options on BlackRock's Ethereum ETF.
- Amid this development, US SEC Commissioner Mark Uyeda has said it is time for the Commission to end the war on crypto.
The US Securities and Exchange Commission (SEC) has again delayed its decision on the New York Stock Exchange’s (NYSC) proposed rule change to offer options trading. This move comes despite the US SEC already approving options trading for the Bitcoin ETFs.
US SEC Delays Decision On Options Trading For Ethereum ETFs
The US SEC indicated in its latest release that it would need more time to consider the NYSE’s proposed rule change to list and trade options on the Ethereum ETFs on the exchange. The regulator also called for written comments from the public on whether they should approve the proposed rule change or not.
The SEC had in September delayed its decision on the rule change and extended the deadline till November 11. Following their latest decision, the Commission will have until December to determine whether or not they want to approve NYSE options trading for these Ethereum ETFs.
If approved, the proposed rule change regarding options trading would cover Bitwise Ethereum ETF, Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and any other Ethereum Trust that the exchange lists in the future.
Meanwhile, the US SEC is also meant to decide on the Nasdaq’s proposed rule change to list and trade options on BlackRock’s iShares Ethereum Trust, which is the only Ethereum ETF on the exchange. However, the Commission has yet to make a release to that effect, although it will also likely delay its decision on the Nasdaq’a proposed rule change.
It is worth mentioning that the SEC has already approved options trading on the Bitcoin ETFs, including BlackRock’s IBIT, which recently saw its largest daily inflow of $1 billion.
Time To End The War On Crypto
US SEC Commissioner Mark Uyeda recently mentioned that the Commission’s war on crypto must end. He remarked that this includes the enforcement actions that the regulator has taken against firms that they claim have failed to register without any allegation of fraud or harm.
Uyeda also alluded to the fact that President-elect Donald Trump has made it clear that he intends to put an end to the SEC’s regulation-by-enforcement approach. He also suggested that he was willing to carry out this mandate on behalf of the incoming president.
The SEC Commissioner is one of the potential candidates to replace the current Chair Gary Gensler when Trump enters the Oval office in Jnauary. Robinhood’s Chief Legal Officer Dan Gallagher is also one of the leading front-runners to replace Gensler under Trump.
Meanwhile, there are reports that another pro-crypto US SEC Commissioner Hester Pierce will unlikely take up the Chair position if offered. Instead, she will prefer to lead a crypto task force that will guide the Commission on how to navigate the crypto industry.
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