Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
SEC pushes back timeline for decision on the Invesco Galaxy Ethereum ETF

SEC pushes back timeline for decision on the Invesco Galaxy Ethereum ETF

The BlockThe Block2024/02/06 23:20
By:The Block

Quick Take The agency previously delayed a decision on what to do next for the Ethereum ETF in December.

SEC pushes back timeline for decision on the Invesco Galaxy Ethereum ETF image 0

The Securities and Exchange Commission has pushed back the timeline for a decision on whether to approve or disapprove the proposed Invesco Galaxy Ethereum ETF.

The agency previously delayed a decision on the fund in December and on Tuesday said it was "instituting proceedings."

"Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change" the SEC said in a filing . 

The agency has pushed back deadlines for other spot Ethereum ETF proposals, including one from Grayscale Investments last month. On Tuesday, the agency asked similar questions it posed to Grayscale, including whether Ethereum's proof-of-stake mechanism and "concentration of control or influence by a few individuals or entities" could bring up unique concerns to make the fund susceptible to fraud and manipulation. 

Comments are due for the Invesco Galaxy Ethereum ETF in 21 days, with a rebuttal period that lasts 35 days, the SEC said. 

Spot Ethereum ETFs

It's been unclear if and when the agency will approve spot Ethereum ETFs. Investment Bank TD Cowen said one will likely be approved by late 2025 or early 2026, while others think the SEC could approve them by May 23. 

Other analysts are skeptical that the agency will approve spot Ethereum ETFs any time soon.

SEC Chair Gary Gensler has said the agency's move last month to approve several spot bitcoin ETFs was just limited to just that cryptocurrency and "shouldn't be read to be anything other than that." 


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

MicroStrategy acquires another 55,500 bitcoin for $5.4 billion, taking holdings to 386,700 BTC

MicroStrategy has purchased another 55,500 BTC for approximately $5.4 billion at an average price of $97,862 per bitcoin.The latest acquisitions follow MicroStrategy’s completion of a $3 billion debt offering and sale of 5,597,849 shares for $2.46 billion.

The Block2024/11/25 14:39