SEC delays making a decision on the proposed Invesco Galaxy spot Ethereum ETF
Quick Take
- The SEC set its next deadline to July 5, 2024 to approve or disapprove of the proposed spot ether ETF.
- Optimism for the SEC approving such a product has dwindled over the past few months
The U.S. Securities and Exchange Commission is delaying making a decision on next steps for the Invesco Galaxy Ethereum exchange-traded fund.
In a filing posted on Monday, the agency set its next deadline to July 5, 2024 to approve or disapprove of the proposed spot ether ETF.
"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the agency said.
The SEC previously delayed making a move on the Invesco Galaxy Ethereum ETF and asked for public comment in February. The agency too has pushed back deadlines for other spot Ethereum ETF proposals including from Grayscale, Franklin Templeton, VanEck and BlackRock over the past several weeks.
Optimism for the SEC approving such a product has dwindled over the past few months. For example, Bloomberg ETF analyst Eric Balchunas has lowered his estimate of the chances of a spot Ethereum ETF approval by late May from about 70% to 25%.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
