US SEC delays decision on whether to approve ArcInvest-21Shares' ETH ETF by a mile

The US Securities and Exchange Commission (SEC) has delayed its decision on ArcInvest-21Shares' Ethereum ETF until May 24 (local time), according to The Block. The company also announced that it is accepting public feedback on the product. Earlier in the day, the SEC also announced that it was delaying its decision on Hashdex's Ethereum Blended Spot Futures ETF until May 30.

Commenting on the delay, Bloomberg ETF analyst James Seyffart said that the chances of an Ethereum spot ETF being approved in May continue to diminish. "Opinion on the Ethereum ETF (approval) has shifted in recent months. We now predict that there is a high probability that an ETH spot ETF will not be approved on May 24 (local time)." "In the case of bitcoin, there were extensive discussions between regulators and issuers prior to its approval in January. This is not the case for ETH spot ETFs," he added. Previously, he said there was a 35% chance that an ETH spot ETF would be approved in May.