The United States Securities and Exchange Commission (SEC) has decided to delay its decision on Invesco and Galaxy’s spot Ethereum ETF application.
New Spot Ethereum ETF Date in View
Senior Bloomberg ETF analyst James Seyffart shared on X that the U.S. regulator has pushed back its decision on the joint Ethereum ETF application submitted by Invesco and Galaxy Digital. The move from the securities watchdog was expected, as are many other delays that might be inked shortly, per Seyffart’s post.
Notably, implementing such delays is a major discretion of the SEC based on Section 19(b)(2) of the Securities Exchange Act. The Commission has the authority to extend the 45 days of publication for public comment period by up to 90 days if deemed necessary.
Other ETH ETF filers had previously had the verdict of their applications for a spot ETH ETF postponed by SEC. About two weeks ago, the SEC postponed a decision on the spot Ethereum ETF proposed by Fidelity Investments that involves listing and trading of shares of the Fidelity Ethereum Fund under BZX Rule 14.11(e)(4).
This meant an extension of the review period for the proposed rule change by up to 45 days. Hence, instead of the original deadline of January 20, 2024 for the proposed rule change related to the Fidelity’s Fund, the new deadline is now March 5, 2024.
More Delays, is Approval Imminent?
BlackRock also had its decision for spot ETH ETF postponed by the U.S. SEC to March 10, 2024. The regulator claimed that the asset manager’s iShares Ethereum Trust has yet to receive any feedback from the public since it was published on the Federal Register, mandating the need for additional time.
Noteworthy, Fidelity and BlackRock’s spot Ethereum ETF application decision are still open to further delay. Therefore, the only date that seems to have a surety for spot Ethereum ETF at this time is May 23, 2024. This is the time for VanEck’s final deadline for a decision from the SEC.
Analysts and several market experts are very optimistic about the possibility of the industry receiving spot Ethereum ETF approval from the U.S. watchdog. There is currently an estimated 60% likelihood of getting a greenlight from the SEC for spot Ethereum ETFs despite the divisions from market experts.
This news is republished from another source. You can check the original article here