SEC to Review Invesco Galaxy’s Ether ETF, Setting New Deadline for Approval

Federal Regulators Delay Decision on Spot Ether ETF

The United States Securities and Exchange Commission has announced a delay in their decision on whether to approve or disapprove a proposed spot Ether (ETH) exchange-traded fund (ETF) by Invesco and Galaxy Digital. This delay comes as the SEC takes additional time to review a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.

The SEC’s decision to open the proposed investment vehicle to public comment will push the deadline for a final decision an additional 35 days upon publication in the Federal Register. This delay means that the SEC can take up to 240 days to reach a final decision on the Invesco Galaxy spot Ether ETF, with a deadline of July 2024.

While spot Bitcoin (BTC) ETFs have been available for trading on U.S. exchanges since January 10th, the SEC is still considering applications from various firms for spot ETH ETFs. These firms include BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity. With the growing interest in crypto assets, it is important to keep up with the latest developments and regulations from federal agencies such as the SEC.

When the United States Securities and Exchange Commission (SEC) gave the green light for the introduction and trading of spot Bitcoin (BTC) exchange-traded funds (ETFs), it simultaneously approved 11 applications. Speculation from experts suggests that the SEC may take a similar approach when it comes to approving spot Ethereum (ETH) investment vehicles, although the commission has not made many public statements on the matter. VanEck is expected to be among the first to receive a decision, as the SEC’s deadline is set for May 23rd.