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SEC delays decision on Invesco Galaxy Spot Ethereum ETF fund

The decision could affect the cryptocurrency market, as an Ethereum-related ETF could attract new investors and increase liquidity in the market.

Date: 2024-05-07 Author: Łukasz Michałek
SEC delays decision on Invesco Galaxy Spot Ethereum ETF fund

TheSecurities and Exchange Commission (SEC) has announced a delay in its decision on the Invesco Galaxy exchange-traded fund (ETF) on Ethereum. In the announcement, the SEC said the next date for consideration of the decision is July 5, 2024.

“The Commission believes that it is appropriate to set a longer period in which to:
issue an order approving or disapproving the proposed rulechange in order to have sufficient time to consider the proposed rule change and the issues it raises,” the SEC said in a filing made available May 6.

Franklin Templeton ETF decision delayed

In April, the SEC announced a delay in its decision on Franklin Templeton ‘s proposed Ethereum ETF, extending the deadline to June 11, 2024. The news comes after a published proposal left the future of the financial product uncertain for the time being.

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There are already several notable issuers that have applied for Ethereum ETFs, including BlackRock, 21Shares with Ark, Fidelity and Invesco along with Galaxy, Grayscale, VanEck, Hashdex and Franklin Templeton.

In March, the SEC delayed its decision to approve the BlackRock Ethereum ETF. The SEC now has until May 23 to approve or reject VanEck ‘s ETF application for an Ethereum ETF tracking the world’s second largest cryptocurrency.

Analysts at Bloomberg Intelligence stated: “Many analysts speculate that the SEC will make a final decision on whether to approve or reject the Ether ETF for listing and trading on U.S. exchanges in May, the deadline for applications from several asset managers.”

However, recent SEC delays have cooled expectations. Bloomberg Intelligence analyst James Seyffart expressed skepticism, suggesting that the current round of ETF ETF applications may ultimately be rejected.

In April, emerging Ethereum developer Consensys, managed by Joe Lubin, filed a lawsuit against the SEC over its “overzealous regulation” around the Ethereum blockchain.

In a statement on social media platform X, Lubin said that Consensys has taken an important step to “preserve access to ethereum, and by extension, the Ethereum blockchain in the US. We are suing the SEC and fighting against its overzealous regulatory overreach.”

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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