ETH IDR : Prospect ETF Ethereum, SEC pending Approval ETF Spot Ethereum Grayscale

In the ever-changing dynamics of the cryptocurrency market, the relationship between Ethereum (ETH) and Indonesian Rupiah (IDR) is an important topic for investors and market observers. Recently, the US Securities and Exchange Commission (SEC) again postponed their decision regarding Grayscale's proposal for a spot Ethereum ETF, causing mixed reactions in the market.

ETH IDR Price Review and SEC Decision

Today, the price of ETH against IDR was recorded at IDR 35,073,355, a decrease of 0.5% from the previous day. These price fluctuations are of particular concern amidst the uncertainty of the SEC's decision.

Also Read : Ripple vs SEC: Ripple Fights Additional SEC Claims with New Evidence

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Delay Decision on Grayscale Ethereum Spot ETF

The SEC has decided to postpone their decision on Grayscale's proposal for a spot Ethereum ETF. This decision came on Thursday, where the SEC issued an order to begin the process and solicited public comments regarding the proposal.

Also Read: Investor Guide: SEC Postpones Ethereum ETF Decision, Positive Signal for Bitcoin ETF in Early 2024

Focus on Ethereum's Proof of Stake Mechanism

The SEC specifically asked whether Ethereum's proof of stake mechanism and the "concentration of control or influence by a few individuals or entities" could raise unique concerns that make the fund vulnerable to fraud and manipulation.

Questions Regarding Ethereum Futures Products

The agency also raised questions about Ethereum futures products in their filing. Public comment is requested within 21 days with a rebuttal period lasting 35 days, according to the SEC.

Postponement of Previous Decisions

Regulators first postponed their decision on the proposal on December 5. The SEC has also delayed decisions on other spot Ethereum funds including those filed by BlackRock and Fidelity in the last week.

Opinions of Crypto Experts

Crypto experts have mixed views regarding ether spot ETFs. Some are optimistic that a spot ether ETF will be approved soon, while others are pessimistic. Some think that approval from the SEC could come as soon as May, following the previous approval of a spot Bitcoin ETF.

Analisis Bloomberg Intelligence

James Seyffart, ETF analyst from Bloomberg Intelligence, stated that delays for spot Ethereum ETFs will likely continue. "Spot Ethereum ETF delays will continue sporadically over the next few months. The next important date is May 23," Seyffart said in a post on X, earlier this week.

Conclusion

The SEC's decision to suspend Grayscale's spot Ethereum ETF and their request for public comments demonstrate the regulator's cautious approach towards crypto-based financial products. The long-term prospects of the Ethereum ETF and its impact on the ETH IDR price remain a key focus for investors and market participants.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.