SEC further extends decision date on Invesco Galaxy Spot Ethereum ETF

The US Securities and Exchange Commission (SEC) has postponed its decision on whether to approve or disapprove Invesco Galaxy spot Ethereum exchange-traded fund (ETF) product for the third time.

With the latest delay, the agency has until July 5 to make its final decision on the Ether ETF application.

The SEC announced the delay in a May 6 filing, saying it would need another 60 days to decide whether to approve or reject Invesco Galaxy’s spot Ethereum ETF. As CryptoPotato previously reported, the agency 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 publication to grant extensions before making a final decision to approve or disapprove the sol· application, which, according to the SEC’s latest announcement, is set for July 5. 2024. An excerpt from the presentation reads:

“The Commission believes it is appropriate to designate a longer period for issuing an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

The agency has also delayed similar applications from BlackRock, Fidelity, VanEck and Grayscale, with VanEck the first applicant to await the SEC’s final decision on May 23, 2024. Meanwhile, there appeared to be optimism about the possible approval of a one-time Ethereum ETF. declined in recent months, with Bloomberg ETF analyst Eric Balchunas saying the odds of the SEC approving this product in May are 25%. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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