The U.S. Securities and Exchange Commission has delayed its decision on whether to approve or disapprove a spot Ether (eth) exchange-traded fund (ETF) proposed by Invesco and Galaxy Digital.
In a December 13 notice, the SEC saying would designate a longer period to approve or disapprove a proposed rule change that would allow Cboe BZX Exchange to list and trade shares of the Invesco Galaxy ethereum ETF. The proposed spot cryptocurrency investment vehicle is one of many being considered by the commission, which to date has never approved an ETF with direct exposure to bitcoin (btc) or other cryptocurrencies.
“The 45th day after publication of the notice for this proposed rule change is December 23, 2023. The Commission is extending this 45-day period,” the December 13 notice said. “The Commission (…) designates February 6, 2024 as the date on which the Commission will approve or disapprove, or initiate proceedings to determine whether to disapprove, the proposed rule change.”
Update: SEC delayed @InvescoUS / @galaxyhq ethereum ETF Application – This was early but completely expected. (I think it was not due until December 23) pic.twitter.com/jFCjnND3Rf
-James Seyffart (@JSeyff) December 13, 2023
Related: BlackRock Overhauls bitcoin Spot ETF to Allow Easier Access to Banks
Invesco and Galaxy Digital filed for a spot eth ETF in September after having “reactivated” their application for a spot bitcoin ETF in June. Some experts have speculated that if the SEC decides to eventually approve a spot crypto ETF, whether it includes bitcoin or Ether, it could move forward with simultaneous approvals of multi-company funds.
At the time of publication, company filings for spot crypto ETFs included BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity. Memos released by the SEC over the past 30 days showed that some asset manager representatives met with commission officials to discuss ETF offerings.
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