The U.S. SEC postponed the application to open an Ethereum ETF from Franklin Templeton.

According to a document published on the regulator’s website, the Commission considers it appropriate to set a more extended period for action on the proposed rule change to give it sufficient time to consider the proposed rule change and its issues.

The SEC must decide on Franklin Templeton’s application by June 11.

“The Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change.”

SEC filing

In February, Franklin Templeton filed to register a spot in the Ethereum ETF. If approved, Coinbase Custody Trust Company will be the custodian of the second-largest cryptocurrency by capitalization.

The product will be listed on the Chicago Board of Options BZX Exchange if approved. The structure uses only cash to create and redeem shares of ETF, similar to how it is implemented in Bitcoin-based instruments.

Following the launch of the Bitcoin ETF, several leading asset managers have filed applications to create spot ETFs on Ethereum. The deadline for the SEC’s final approval of Ethereum spot ETF applications filed by VanEck and ARK/21Shares is May 23.

The Hong Kong Securities and Futures Commission (SFC) has already approved the launch of spot ETFs based on Ethereum. However, Bosera Asset Management, which received regulatory approval, did not disclose product tickers.