The United States Securities and Exchange Commission (SEC) has postponed a potential decision of an application for a spot Ether (ETH) exchange-traded fund (ETF) from Franklin Templeton.

In an April 23 notice, the SEC said it had designated a longer period to approve or disapprove a proposed rule change allowing the Cboe BZX Exchange to list and trade shares of the Franklin Ethereum Trust. The commission will have until June 11 to reassess its decision on the spot ETH ETF — an additional 45 days.

Many analysts have speculated that the SEC will reach a final decision on whether to approve or deny a spot Ether ETF for listing and trading on U.S. exchanges in May, during deadlines for applications from several asset managers. In March, Bloomberg ETF analyst James Seyffart suggested that the current round of Ether ETF applications would “ultimately be denied.”

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In January, the SEC began allowing U.S. exchanges to list and trade shares of spot Bitcoin (BTC) ETFs — a landmark decision that will likely continue to affect how financial institutions handle cryptocurrencies. Though some speculated at the time that the commission was likely to follow suit with a spot ETH ETF, reports have suggested that it may be attempting to classify Ether as a security.

Franklin Templeton’s spot BTC ETF was in the first round of approvals by the SEC. As of December 2020, the firm reported it had more than $1.5 trillion in assets under management.

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