The US Securities and Exchange Commission (SEC) has decided to delay its decision on the spot Ethereum ETFs proposed by Hashdex and ARK 21Shares.
The SEC's decision date has been pushed back to the end of May. Specifically, May 24 for ARK 21Shares and May 30 or earlier for Hashdex.
Analysts are now less optimistic about the chances of approval for the eight currently proposed Ethereum ETFs, which include applications from BlackRock, Grayscale, Fidelity, Invesco Galaxy, VanEck, Hashdex and Franklin Templeton.
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Bloomberg ETF analysts have noted a lack of engagement between the SEC and issuers, which has led to a decline in public confidence in ETFs.
Bloomberg analyst Eric Balchunas has downgraded the odds of approval from 50% to 35%.