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The U.S. Securities and Exchange Commission (SEC) has granted another extension for an Ethereum ETF application.

In a statement released on Tuesday, March 20, the regulatory body stated that it has postponed the spot Ethereum exchange-traded fund (ETF) application submitted by major financial institution VanEck to May 23, 2024.

The regulatory agency recently took a similar step by postponing the decisions on spot Ethereum ETFs applied by Hashdex and Ark 21Shares to later dates.

Financial giants such as Fidelity and BlackRock have applied for a spot Ethereum ETF, but the SEC’s recent cold and secretive attitude has rapidly lowered the expectations for an approval in May.

Bloomberg’s senior ETF analysts recently reduced the likelihood of approval for a spot Ethereum ETF in May from 70% to 30%.

Considering Ethereum as a security rather than a commodity like Bitcoin, the SEC recently opened an investigation into the Ethereum Foundation.

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