The United States Securities and Exchange Commission (SEC) has delayed its decision on whether to approve or disapprove a spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital.
In a Dec. 13 notice, the SEC said it would designate a longer period on whether to approve or disapprove a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. The proposed spot crypto 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 time period,” said the Dec. 13 notice. “[T]he Commission […] designates February 6, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
Update: SEC delayed @InvescoUS / @galaxyhq Ethereum ETF application — This was early but completely expected. (Wasn’t due until Dec 23rd I think) pic.twitter.com/jFCjnND3Rf
— James Seyffart (@JSeyff) December 13, 2023
Related: BlackRock revises spot Bitcoin ETF to enable easier access for banks
Invesco and Galaxy Digital filed the spot ETH ETF application in September after it had “reactivated” its application for a spot Bitcoin ETF in June. Some experts have speculated that should the SEC decide to eventually approve a spot crypto ETF — whether it includes Bitcoin or Ether — it could move forward with simultaneous approvals of funds from multiple firms.
At the time of publication, applications from firms on spot crypto ETFs included BlackRock, Hashdex, ARK 21Shares, VanEck and Fidelity. Memos released by the SEC over the last 30 days showed some asset managers’ representatives met with commission officials to discuss the ETF offerings.
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Source: https://cointelegraph.com/news/sec-deadline-invesco-galaxy-spot-ether-etf
