SEC Delays Ethereum ETF Proposals (Again) But Bull Market (Still) Doesn't Care

Nothing can distract us from this rampaging bull market we're all relishing in, not even the mighty US Securities and Exchange Commission (SEC).

In a filing on 4 March, the SEC announced that its decision on applications from BlackRock and Fidelity for their Ethereum exchange-traded funds (ETFs) will be delayed.

Its delay is nothing new. In January, the regulator pushed back its decision timeline on BlackRock's proposal for an Ethereum ETF from 25 January to 10 March.

Back then, we questioned whether the market was even concerned about the delay. At the time, Bloomberg Intelligence ETF analyst James Seyffart said delays for Ethereum ETFs are likely to continue.

"Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd," Seyffart tweeted following the SEC's announcement.

Less than two months later, his prediction came true. The SEC can delay its decision up to three times before its final decision.

All eyes are therefore on 23 May but even then, the market is relatively confident about ETH ETF approvals.

"Bitcoin and Ethereum are both listed and regulated futures on CME, and are likely considered pretty equal in the eyes of the SEC," Philippe Bekhazi, founder and CEO of XBTO said.

"Additionally, if market conditions remain strong, further pressure will be applied to make the asset accessible to institutions. Approval is definitely a question of when, not a question of if."

Indeed, market conditions are very strong. Ethereum is currently priced at $3,625.60, marking a 57.71% increase over the last month.

With no slowdown in sight, the industry's attention is on the market's upward momentum, not the SEC's frivolous delays.

Last month saw global asset manager Franklin Templeton throw their hat into the ETH ETF ring, signaling increasing institutional appetite for the product.

Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex have also submitted applications.