The US Securities and Exchange Commission (SEC) has expanded its decision on whether to approve or disapprove a spot ethereum exchange-traded fund (ETF) application by investment management firm Invesco and the company of crypto financial services Galaxy Digital.
The SEC gave a 45-day extension, allowing itself until February 6, 2024 to make its decision on the product.
Another delay to the ethereum Spot ETF
According to a warning Released on December 13, 2023, the SEC's initial decision on the Invesco Galaxy ethereum Spot ETF was supposed to come on December 23, 2023, which would have been the 45th day after the product notice was published.
While the extension comes sooner than expected, the SEC is designating another 45 days to decide whether to approve or disapprove the eth spot application, with the new date falling on February 4, 2024.
An excerpt from the notice says:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The SEC further stated:
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates February 6, 2024 as the date on which the Commission will approve or disapprove, or initiate proceedings to determine whether to disapprove, the proposal. change of rules.”
The latest delay comes shortly after the US regulator recently extended its decision on another ethereum spot ETF proposed by crypto asset manager Grayscale Investments, with the new deadline falling on January 25, 2024.
So far, there are seven point-in-time eth ETF filings with the SEC. In addition to Grayscale Investments and Invesco/Galaxy, Fidelity, BlackRock, VanEck, Hashdex and Ark Invest/21 Shares filed similar requests with the Commission.
The US is still waiting for a spot crypto ETF
In addition to delaying ethereum-focused spot ETFs, the SEC has also designated longer periods for screening bitcoin ETFs, which have more applicants.
Meanwhile, there were recent reports that talks on spot bitcoin ETFs with the Commission were in advanced stages, raising hopes about possible approval of the applications.
The race to launch a btc spot ETF intensified in mid-2023, with heavyweights like BlackRock, Franklin Templeton, and Fidelity looking to launch a bitcoin spot ETF.
Digital asset manager Hashdex, which is also seeking approval for its btc spot ETF filing, predicted that US investors could have access to such a product in the second quarter of 2024, followed by an Ether spot ETF.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>
