Regulators temporarily shut down cryptocurrency markets

BlackRock's application for the first U.S. Ethereum ETF has been rejected by the U.S. Securities and Exchange Commission (SEC), reflecting the regulator's continued cautious attitude towards cryptocurrency products. The company submitted an application through its iShares brand and said it will continue to be committed to innovative products and will evaluate the next steps. While the SEC did not specify the reasons, concerns about market manipulation and investor protection may be the reasons. The decision has intensified calls for clearer cryptocurrency regulation, with analysts pointing to the growing institutional demand that could eventually drive its approval.