SEC Delays Decision on Invesco and Galaxy Digital's Spot Ether ETF Proposal
Summary:
The U.S. Securities and Exchange Commission (SEC) has postponed making a decision on the approval of a spot Ether (ETH) Exchange-Traded Fund (ETF) proposed by Invesco and Galaxy Digital. The SEC is currently reviewing proposals for spot ETH ETFs from several firms, including BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity. Vaneck is likely to be among the first to receive a decision from the SEC, with the deadline set for May 23.
The U.S. Securities and Exchange Commission (SEC) has postponed making a decision on the approval of a spot Ether (ETH) Exchange-Traded Fund (ETF) suggested by Invesco and Galaxy Digital. The SEC issued a notice on February 6, stating that it would commence proceedings to decide the fate of a proposed regulatory change. This would enable the Cboe BZX Exchange to list and trade the Invesco Galaxy Ethereum ETF's shares. The process of seeking public input will extend the decision-making timeline by an additional 35 days upon its entry in the Federal Register.
The SEC has the liberty to extend the decision on this spot Ether ETF by Invesco Galaxy up to 240 days before making a final determination. The asset management company initially submitted its proposal to the commission in October 2023 — officially published in the Federal Register in November — granting the SEC till July 2024 for the approval or disapproval of the proposal.
Spot Bitcoin (BTC) ETFs from different asset managers have been listed and traded on U.S. exchanges since January 10, following the SEC's groundbreaking approval. The commission is currently reviewing proposals for spot ETH ETFs from entities like BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity.
The SEC released 11 approvals at the same time when it opened up BTC spot ETFs for listing and trading. Observers speculate that the SEC might employ a similar tactic for spot ETH ETF proposals, but the commission has remained largely silent. It's likely that Vaneck will be among the first to receive a decision from the SEC, with the deadline set for May 23.
Published At
2/7/2024 12:34:33 AM
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