SEC delays decision on VanEck spot Ethereum ETF, asks for public comments

The Securities and Exchange Commission is delaying its decision timeline on another spot ether exchange-traded fund, the VanEck Ethereum ETF. 

In a document filed on Wednesday, the agency said it would take until May 23, 2024 to make a decision on the ETF and asked the public for comments. 

"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1, and the issues raised therein," the SEC said. 

This comes a day after the SEC delayed making a decision on the Hashdex Nasdaq Ethereum ETF and the ARK 21Shares Ethereum ETF. 

Future of a spot Ethereum ETF looks iffy 

Big-name firms, including Fidelity and BlackRock , have applied for a spot ether ETF over the last few months. Optimism for the SEC approving such a product has steadily fallen over the past few weeks. Bloomberg ETF analyst Eric Balchunas recently lowered his estimate of the chances of a spot Ethereum ETF approval by May from about 70 percent to 30 percent. 

The delays come as the Ethereum Foundation said it received a voluntary and confidential inquiry from an unspecified state authority, according to reporting from The Block.