The United States Securities and Exchange Commission (SEC) has extended the deadline for its decision on whether to approve or disapprove a spot Ethereum exchange-traded fund (ETF) for Grayscale Investments. The SEC will now make its decision by January 25, 2024, which is a 45-day extension from the initial deadline of December 11, 2023.Grayscale filed an application with the SEC to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF in October. This makes Grayscale the fifth firm to do so, following VanEck, HashDex, Galaxy/Invesco, and Ark Invest/21Shares. The New York Stock Exchange (NYSE) Arca also submitted a proposed rule change to list and trade shares of the crypto product on its platform.The SEC has decided to extend the deadline in order to have sufficient time to consider the proposed rule change and the issues raised. There is a possibility that the SEC may institute proceedings to determine whether to disapprove the proposed rule change by January 25, further extending the deadline for revealing its decision.Meanwhile, Grayscale has updated the framework of its agreement for the Grayscale Bitcoin Trust (GBTC) in preparation for its potential conversion to a spot Bitcoin ETF. This adjustment aims to ensure fair competition with other spot Bitcoin ETF contenders such as BlackRock, Ark Invest, Fidelity, and VanEck.