Table of Contents
- SEC Pushes Decision On Ethereum ETF
- The Invesco Galaxy Ethereum ETF
- Other ETF Applications
The United States Securities and Exchange Commission has delayed its decision on the Invesco Galaxy Ethereum ETF to 2024.
The commission had until the 23rd of December to decide on the approval or disapproval of the spot crypto investment vehicle.
SEC Pushes Decision On Ethereum ETF
The Securities and Exchange Commission, in a notice issued on the 13th of December, stated that it would designate a longer period to approve or disapprove a proposed rule change. The rule change, proposed by the Cboe BZX Exchange, would allow the exchange to list and trade shares of the Invesco Galaxy Ethereum exchange-traded fund. The proposal, published in the Federal Register on the 8th of November, required the SEC to take action within 45 days.
The Invesco Galaxy Ethereum ETF is one of several being considered by the United States Securities and Exchange Commission. However, the commission has, to date, yet to give its approval to a single exchange-traded fund with direct exposure to major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). In its 13th of December notice, the Securities and Exchange Commission stated,
“The 45th day after publication of the notice for this proposed rule change is the 23rd of December, 2023. The Commission is extending this 45-day time period. “The Commission [...] designates the 6th of February, 2024, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change.”
With the SEC pushing the decision until 2024, a decision regarding the ETF will be taken on the 6th of February, 2024.
The Invesco Galaxy Ethereum ETF
The Invesco Galaxy Ethereum ETF is significant as its potential listing could significantly impact the broader market. Invesco and Galaxy Digital filed the spot Ether ETF application in September after it had reactivated its application for a spot Bitcoin ETF. Invesco had reactivated its application just hours after WisdomTree had filed an application for a spot Bitcoin ETF.
According to its filing, Invesco requested the SEC in June to allow its Invesco Galaxy Bitcoin ETF to be listed on the Cboe BZX Exchange.
Several industry experts have speculated that if the Securities and Exchange Commission decided to approve a spot ETF, whether Bitcoin or Ether, it would simultaneously approve several applications for ETFs from several firms.
Other ETF Applications
The news regarding the Securities and Exchange Commission’s decision to delay its decision comes at a time when several ETF applications are pending with the commission. These include applications from several financial behemoths, such as the world’s largest asset manager, BlackRock, VanEck, Ark21Shares, Fidelity , and Hashdex.
Recent reports have also confirmed that some asset managers’ representatives met with officials from the SEC to discuss their ETF offerings. This has been interpreted by industry watchers as a positive development, indicating that discussions about the ETF applications are progressing. ETF Analyst James Seyffart confirmed the meetings, stating that representatives from BlackRock, Fidelity, Franklin Templeton, and Grayscale met with the SEC regarding their respective applications.
“Nothing groundbreaking to report but 4 different issuers have met with the SEC regarding their #Bitcoin ETF filings in last few days. @BlackRock met with them yesterday for the third time in as many weeks. While @Grayscale, Franklin, and @Fidelity each had meetings last week.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
