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The US Securities and Exchange Commission (SEC) has delayed consideration of an application for an ethereum (eth) spot ETF, proposed by Invesco and Galaxy Digital.
The SEC said it would begin proceedings to determine whether to approve or reject a proposed rule change that allows Cboe BZX Exchange to list and trade shares of the Invesco Galaxy ethereum ETF. Opening the proposed investment vehicle to public comment will extend the decision period to 35 days after publication in the Federal Register.
Previously, in December 2023, the SEC had already postponed a decision on the Invesco Galaxy application. At that time, a longer period was needed to examine the proposed rule change. This will allow the Chicago Board Options Exchange (CBOE) to list and trade shares of the company's mutual fund called Invesco Galaxy ethereum ETF.
Other authors of applications to launch ethereum spot ETFs also faced postponed deadlines. This included applications for the Hashdex Nasdaq ethereum ETF and the Grayscale ethereum Futures ETF. Despite the postponement of the date for considering applications, experts believe that the tool will be approved in the near future.
Amid expectations about the approval of ethereum spot ETFs in the United States, CoinGecko experts also studied the global market for similar products. They found that Europe and Canada account for almost 98% of the $5.7 billion ethereum ETF market.
