The US Securities and Exchange Commission (SEC) has delayed its decision on whether to approve applications from several asset management companies for ethereum exchange-traded funds (ETFs) until May 2024.
According to several filings, the securities regulator has issued delay orders for ethereum ETF applications from Arca Invest/21Shares, VanEckand hashdex.
SEC extends deadline for 3 eth ETFs
Ark Invest/21Shares, VanEck, and Hashdex filed applications to launch ethereum ETFs in September. While the VanEck and Ark Invest/21Shares products are designed to track the spot price of ether (eth), Hashdex is looking to launch a mixed fund, combining spot and futures price movements.
The SEC said it is initiating proceedings to determine whether to approve or disapprove the proposed rule change that would allow shares of the products to be listed. The submissions are now open to public comment and will remain so for 35 days after the applications are published in the Federal Register.
“The initiation of a proceeding does not indicate that the Commission has reached any conclusion with respect to any of the issues involved. “The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the SEC stated.
Bloomberg analyst James Seyffart said the Commission's latest action has extended the final date for approval or disapproval of the proposals to May 2024, although delay orders for VanEck, Arca Invest/21Sharesand hashdex They were due to be presented on December 25, December 26 and January 1, respectively.
Invesco and Grayscale are not left out
The new filings come shortly after the SEC extended deadlines for ethereum ETF applications from Invesco/Galaxy Digital and Grayscale Investments. The former is looking to launch a new spot ethereum ETF, while the latter intends to convert its Grayscale ethereum Trust (ETHE) into a spot product.
The agency's initial decision for the Invesco Galaxy ethereum spot ETF was scheduled for December 23; However, the delay has pushed the new date back to February 4. On the other hand, Grayscale's public comment period ended, but the SEC decided to designate a longer time to determine whether the proposed rule change would be approved.
Meanwhile, the crypto community anticipates the approval of around 13 bitcoin spot ETF applications by January.
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