The Securities and Exchange Commission (SEC) announced that it has postponed its decision on Invesco Galaxy's spot Ethereum exchange-traded fund (ETF) application.
The SEC announced that it decided to extend the decision process regarding the Ethereum ETF application and stated that the decision on whether the ETF will be accepted will be made on July 5, 2024.
In the statement, it was stated that "The Commission deemed it appropriate to extend the period in order to evaluate in more detail the proposed regulatory changes and the problems that these changes may bring." The relevant file was recorded on May 6.
Franklin Templeton's Ethereum ETF Decision Also Postponed
In April, the SEC postponed its decision on Franklin Templeton's proposed spot Ethereum exchange-traded fund (ETF), extending the deadline to June 11, 2024. While this information is included in a public filing, the future of the financial product remains uncertain.
Various issuers that have filed for Ethereum ETF include BlackRock, 21Shares, Ark, Fidelity, Invesco, Galaxy, Grayscale, VanEck, Hashdex, and Franklin Templeton.
SEC Expected to Reject Spot ETH ETF Applications on May 23-24
In March, the SEC delayed BlackRock's application for a spot Ethereum exchange-traded fund (ETF). Now the SEC must approve or reject VanEck's ETF application, which tracks Ethereum, the world's second-largest cryptocurrency, by May 23.
“Many analysts predict that the SEC will make a final decision on whether or not to approve a spot Ether ETF to list and trade on U.S. exchanges in May, closer to the filing deadlines of various asset managers,” analysts from Bloomberg Intelligence said.
But recent SEC delays have dampened expectations. Bloomberg Intelligence analyst James Seyffart expressed skepticism that existing Ether ETF applications may ultimately be rejected.
In April, it was revealed that Joe Lubin, CEO of Ethereum development company ConsenSys, had filed a lawsuit against the SEC over “excessive regulation” of the Ethereum blockchain.
In his statement on social media platform
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