SEC Delays Decision on Invesco and Galaxy Digital Spot Ether ETF
The United States Securities and Exchange Commission has pushed back its ruling on whether to accept or reject a proposed spot Ether (ETH) exchange-traded fund (ETF) put forward by Invesco and Galaxy Digital.
On Dec. 13, the SEC declared that it would extend the period for deciding on a proposed rule change that would let the Cboe BZX Exchange list and trade shares of the Invesco Galaxy Ethereum ETF. This proposed spot crypto investment vehicle is one of a number of ETFs that the commission is looking into, none of which have been approved so far with direct exposure to Bitcoin (BTC) or other cryptocurrencies.
“The 45th day after publication of the notice for this proposed rule change is December 23, 2023. The Commission is extending this 45-day time period,” the Dec. 13 notice read. “The Commission […] designates February 6, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
The SEC’s decision on the Invesco and Galaxy Digital spot Ether ETF will be closely monitored by the crypto community, as it could be the first ETF with direct exposure to a web 3.0 application development, web 3.0 definition crypto, web 3.0 coins list, web 3.0 applications examples, web 3.0 application, web 3.0 cryptocurrencies list, web 3.0 browser list, list of web 3.0 websites, list of web 3.0 tools.
In September, Invesco and Galaxy Digital reactivated their application for a spot Bitcoin ETF and filed a spot ETH ETF application. According to some experts, if the SEC approves a spot crypto ETF, regardless of whether it is Bitcoin or Ether, it could potentially give the green light to multiple funds from different firms simultaneously.
Currently, applications from organizations for a spot crypto ETF include BlackRock, Hashdex, ARK 21Shares, VanEck, Fidelity and others. In the last 30 days, memos released by the SEC revealed that representatives from asset managers had meetings with commission officials to discuss the ETF offerings related to web 3.0 application development.
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