As an experienced financial analyst, I’ve followed the development of Ethereum Exchange-Traded Funds (ETFs) closely, and I must admit that the latest delay from the US Securities and Exchange Commission (SEC) on Invesco Galaxy’s proposed spot Ethereum ETF application is disappointing.
As a researcher, I’d put it this way: The SEC has delayed its ruling on my application for the Invesco Galaxy Ethereum ETF for the third time.
The agency now has until July 5th to reach a conclusion regarding the Ether ETF proposal, following the most recent postponement.
- The SEC announced the postponement in a filing on May 6, stating that it would need another 60 days to decide either to approve or reject the Invesco Galaxy spot Ethereum ETF.
- As previously reported by CryptoPotato, the agency first delayed making a decision in December 2023 and made a second extension in February 2024.
- A proposal for the Invesco Galaxy Ethereum ETF was filed with the SEC on Oct. 20, 2023, which was published in the Federal Register on Nov. 8, 2023.
- The agency has a total of 240 days from the publication to make extensions before making a final decision to approve or disapprove the application, which, according to the latest SEC’s announcement, is set for July 5, 2024.
- An excerpt from the filing reads:
As an analyst, I would recommend expanding the timeframe for rendering a decision on the proposed rule change to ensure thorough examination and consideration of the proposed modification as well as the associated concerns.
- The agency has also delayed similar applications from BlackRock, Fidelity, VanEck, and Grayscale, with VanEck being the first applicant to await the SEC’s final decision on May 23, 2024.
- Meanwhile, optimism about the possible approval of a spot Ethereum ETF seemed to have waned in recent months, with Bloomberg ETF analyst Eric Balchunas stating that the odds of the SEC approving such a product in May is 25%.
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2024-05-07 09:46