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The American Commission for Securities and Exchange (SEC) delayed Ethereum (ETH) ETF (funds negotiated in exchange).
The agency research No more time on the application of stalement on two spots of gray levels. Consequently, the deadline was extended on June 1. The transmitter made the application in February.
Others like Bitwise, Vaneck, 21Shares, Fidelity, Investo Galaxy and Franklin Templeton had requested similar implementation arrangements for their respective ETH products.
To date, only Blackrock has not applied for the same thing. But Robert Mitchnick, chief of digital assets of Blackrock, had publicly recognized the advantage of marked out for the products.
The regulator too delayed Decisions on creation in kind and redemption for ETH ETH and ETF BTC. The redemption in kind, unlike the current cash regulations required by the SEC led by Gary Gensler, guarantees the use of underlying assets like ETH or BTC.
The method in kind avoids taxable events and improves liquidity. The regulator pushed the deadline for decision in kind until June 3.
That said, the Cry crypto working group organized discussions on round tables with key players, including Jito, Multicoin Capital and Blackrock, about the implementation of the Crypto FNB and the buyout in kind.
Source: Coringlass
Meanwhile, the update has not stimulated any change in the speculative interest of ETH. Depending on Coiinglass Data, Open Interest (OI) has been decreasing since February, going from nearly $ 26 billion to less than $ 20 billion.
This meant that the lowering feeling persisted even after the update.
On the 4 -hour price board, ETH cracked a downward increase corner, which could slide it again below $ 1500 if the model is validated. However, the recovery of $ 1.8,000 could allow bulls to move forward more.
Source: ETH / USDT, tradingView