SEC Further Extends Date for Decision on Invesco Galaxy Spot Ethereum ETF

The US Securities and Exchange Commission (SEC) has postponed its decision on whether or not to approve the proposed Invesco Galaxy exchange-traded fund (ETF) product for a third time.

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

• The Securities and Exchange Commission announced the postponement in a Deposit On May 6, it stated that it would need another 60 days to decide whether to approve or reject the Invesco Galaxy Spot Ethereum ETF.
• As previously reported CryptoPotatoThe agency first delayed a decision in December 2023 and provided a second extension in February 2024.
• A proposal for the Invesco Galaxy Ethereum ETF was filed with the Securities and Exchange Commission on October 20, 2023, and published in the Federal Register on November 8, 2023.
• The agency has a total of 240 days from publication to make extensions before making a final decision to approve or deny the application, which is set for July 5, 2024, according to the latest SEC announcement.
• An excerpt from the recording says:

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

• The agency also delayed similar applications from BlackRock, Fidelity, VanEck, and Grayscale, with VanEck being the first applicant awaiting the SEC's final decision on May 23, 2024.
• Meanwhile, optimism about the potential approval of an Ethereum spot ETF appears to have waned in recent months, with Bloomberg ETF analyst Eric Balchunas saying. It helps The odds of the SEC approving such a product in May are 25%.