The United States Securities and Exchange Commission (SEC) has delayed its decision regarding Franklin Templeton's application for a spot Ether (CRYPTO:ETH) exchange-traded fund (ETF).
In a recent announcement, the SEC revealed it is extending the review period to approve or disapprove the proposal for the Cboe BZX Exchange to list and trade shares of the Franklin Ethereum Trust, with a new deadline set for June 11.
This extension gives the commission an additional 45 days to make a final decision.
Analysts had been anticipating a decision from the SEC on the potential approval of a spot Ether ETF for U.S. exchanges in May, amid deadlines for applications from various asset managers.
However, scepticism remains about the approval prospects.
James Seyffart, a Bloomberg ETF analyst, previously insinuated that the current round of Ether ETF applications might ultimately face rejection.
This delay underscores the SEC's cautious approach towards the evolving landscape of cryptocurrency-based financial products.