According to one analyst, details of an SEC filing “buried 50 feet deep in a pile of legalese” called for feedback on whether BlackRock's spot Ether ETF was a commodity.
A March 4 filing for BlackRock's spot Ether ETF called for feedback on whether the investment vehicle could be listed as a commodity.
Analysts have unearthed details from a March filing with the United States Securities and Exchange Commission that suggest the regulator may consider labeling Ether (a March 4 filing from BlackRock over its application to list and trade a spot Ether exchange-traded fund on the Nasdaq. The filingfor the commission to decide on a spot Ether ETF from BlackRock until June but also called for public feedback on whether the investment vehicle could be filed as a commodity.
“The obvious purpose is to potentially deny on the basis that these spot filings are improperly filed as commodity-based trust shares and do not qualify if they are holding a security,”“buried 50 feet deep in a pile of legalese,” but this did not change his speculation the regulator’s odds of signing off on a spot Ether ETF were “slim to none.” The SEC must decide whether to approve or deny VanEck’s spot Ether ETF by May 23 — the first in several applications waiting in the pipeline.
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