SEC Pushes Decision Deadline on Invesco Galaxy Spot Ethereum ETF to 2024
The United States Securities and Exchange Commission has delayed its decision on whether to approve the Spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital.
In a Dec. 13 announcement, the SEC said it would give the Cboe BZX exchange an extended period to approve or reject a rule change that would allow the Invesco Galaxy Ethereum ETF shares to be listed and traded.
The proposed spot crypto investment vehicle is one of those being considered by the commission, which has never approved an ETF with direct exposure to Bitcoin (BTC) or other cryptocurrencies to date.
“The 45th day after notice of this rule change is December 23, 2023. The Commission will extend this 45-day period,” the Dec. 13 notice said. “The commission […] In the year The proposed rule will be changed to February 6, 2024 as the date for the Commission to approve or disapprove or file a lawsuit to determine rejection.
UPDATE: SEC Delays @InvescoUS / @galaxyhq Ethereum ETF Application — This was early but fully expected. (I didn't get in until December 23) pic.twitter.com/jFCjnND3Rf
— James Seyff (@JSeyff) December 13, 2023
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Invesco and Galaxy Digital filed the spot ETH ETF application in September after “reactivating” the Bitcoin ETF application in June. Some experts have speculated that the SEC may eventually move forward with spot approval of a crypto ETF — including Bitcoin or Ether — with funding from multiple firms.
At the time of publication, applications from firms on the spot include BlackRock, Hashdex, ARK 21Shares, VanEck and Fidelity. Memos released by the SEC over the past 30 days show that representatives of some asset managers have discussed ETF offerings with commission officials.
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