Multiple media sources confirmed that the United States Securities and Exchange Commission has delayed its decision to either approve or deny the application of Fidelity Investment to list options on its Ether spot ETF.
It is said that the SEC is expected to publish its decision over the Ethereum spot options by the middle of May 2025, arguing that the regulatory needs more time to review the rules change.
However, before this extension and after Gary Gensler’s departure, the commission has dropped a few lawsuits against known crypto-based companies, demonstrating its changing stance against digital assets.
Earlier this week, it was reported by Todayq that OpenSea’s lawsuit with the SEC had come to an end. The commission, during Gary’s chairship, issued Wells notice to the largest NFT marketplace that might be operating as an unregistered securities marketplace.
On Friday, it was confirmed by the SEC official that they have filed a joint stipulation with both Coinbase entities for the dismissal of the lawsuit against them.
What pushed the market up today?
Until publishing, the crypto market cap was $2.83 trillion with a surge of 7.90%; despite strong incoming bullish signals, the market remains in wholesome loss.
Market observers say that the initial growth was seen after the announcement of the 1st crypto summit in the White House with the owners and top executives of known crypto-based companies.
Bitcoin has bounced back above $85k and is currently at $86,251 with an addition of 7.42%, although, in the weekly frame, it is at a loss of 11.52%.
In the past 24 hours, the growth of Ethereum prices remained slow and steady, still below $2,500 at $2,244, with a severe loss of 15.80%. Its market cap is up by 5.26% at $269.31 billion, and its trading volume is $26.13 billion.
Geopolitical experts argue that the crypto summit to be organized on upcoming Friday will also have a speech from Trump, which will help him to strengthen his image as the pro-crypto leader.
Post-summit, the president is expected to surprise the crypto market, which will help crypto attain more bullish momentum. If the United States legalizes crypto in the near future, the global market will see major upgrades, with Bitcoin expected to acquire a new all-time high above $120k.
In the past 24 hours, Hedera ruled the intraday gainers’ list with a surge of 26.55%, followed by Official Trump, Celestia, Stellar, Bitcoin Cash, and Dogwifhat.
The fear and greed index is at 20, indicating an intense fear in the market with bears actively seeking opportunities to pull down the prices. With the U.S changing stance, nations like India and a few others have argued that they will be reviewing the rules and regulations concerning cryptocurrencies.
On February 28, 2025, it was noted that Tuhin Pandey had replaced the first female SEBI Chief. Before his appointment, he had served in the position of secretary for the finance ministry.
