This was the deadline for the US Securities and Exchange Commission (SEC) to make a final decision on BlackRock's spot ether. But currently the US Securities and Exchange Commission is delaying its decision even though they themselves delayed their decision a day before the deadline. For this the regulatory body has claimed that they will need some more time. They also said they would need more time to review their proposed rule changes. But they must make the final decision on BlackRock's spot ether. It is also said that the ETF decision will be taken by the first week of August. Here's one thing to know, Bloomberg ETF analyst Eric Balchunas predicted. He noted in his forecast that a final decision on all pending spot ether ETFs will be made in May. He also mentioned how the SEC decided on 10 pending spot bitcoins.
The SEC is holding off on whether to approve a spot ether ETF. We all know that Bitcoin ETFs have been approved recently. However, the US-controlled regulatory body has opened the application for public comment. The regulator has said it intends to initiate a process to determine whether to approve or disapprove the proposed rule change. Their approval or disapproval of this proposal includes recommendations to allow the NYSE Arca to list and trade the Grayscale Ethereum Trust Shares. But the regulatory body wants a response on whether it will be approved or rejected. The proposed investment vehicle has been opened for public comment. A specific deadline has been fixed for that. And that's why they're told to make a decision when a Federal Register is published and an additional 35 days after it's published.
We know that the US Securities and Exchange Commission is currently developing and trying to regulate crypto. It currently regulates Bitcoin ETFs since they were approved. Although it has both positive and negative sites. It is said to be one of the anti-crypto forces at present. Generally last year we saw a lot of crypto-related cases being handled by this agency which was the highest in terms of cases since 2013 to say the least. Last year, the regulatory body prosecuted several crypto companies or organizations and imposed fines on many. I've seen many other incidents with Binance and its CEO over the past year. Last year the agency levied about $281 million in financial penalties for settlements.
The Financial Industry Regulatory Authority (FINRA) released a report. They reported in their report that more than two-thirds of crypto-related communications, such as false, exaggerated, promising, unreasonable or misleading claims, were violated. Even the regulatory body claims that two-thirds of these contacts identify more than that. But they reported that more than two-thirds of them violated its rules on communicating with the public. The breach also includes making misleading claims on crypto. Even this regulatory body is claiming that the laws they have are misrepresenting how the protections they have in place apply to digital assets. However, the agency eventually stated that it needed some additional time if it was to be approved, and for that they put in place a mechanism for public feedback. So Dada is delaying its approval. You can read this news for more details about this.