Global NewsGovernmentPolicies & Regulations

Expected: SEC Delays Decision on Invesco Galaxy’s Ether ETF Application

The United States Securities and Exchange Commission (SEC) has extended the timeline for evaluating Invesco Galaxy’s application for a spot Ether exchange-traded fund (ETF).

In a filing dated May 6, the SEC announced an additional 60-day period for reviewing the proposal, with the new deadline now set for July 5.

Citing the need for ample time to thoroughly assess the proposed rule change and address raised concerns, the SEC opted for an extended review period.

This delay follows a trend of similar postponements affecting all eight prospective Ether ETF issuers, including notable entities like BlackRock, Fidelity, and Franklin Templeton, among others. Market analysts had anticipated such delays in line with regulatory processes.

The final deadline for VanEck’s Ether ETF application, set for May 23, holds particular significance, according to Bloomberg ETF analyst James Seyffart, according to Cointelegraph. He emphasized its importance as the ultimate cutoff date.

In March, senior Bloomberg ETF analyst Eric Balchunas revised down the likelihood of SEC approval for Ether ETFs from 50% to 35%, citing prolonged regulatory silence and mounting political pressures faced by SEC Chair Gary Gensler.

Despite growing skepticism among ETF analysts, Ethereum advocate Anthony Sassano remains optimistic about the SEC’s potential approval of the funds by VanEck’s final deadline.

Sassano pointed to the SEC’s prior approval of Ether futures ETF products in 2023 and highlighted a recent meeting between the regulator, Grayscale, and Coinbase as indicators of potential positive outcomes for the pending ETF applications.

News Desk

UNLOCK Blockchain News Desk is fueled by a passionate team of young individuals deeply immersed in the world of Blockchain and Crypto. Our mission? To keep you, our loyal reader, on the cutting edge of industry news. Drop us a line at info(@) to connect with our team and stay ahead of the curve!

Related Articles

Back to top button