SEC Postpones Decision on Invesco Galaxy Spot Ethereum ETF
The Securities and Exchange Commission (SEC) has announced that it will delay its decision on the Invesco Galaxy spot Ethereum exchange-traded fund (ETF). The new deadline for approval or disapproval is July 5, 2024. The SEC stated that it needs more time to thoroughly evaluate the proposed rule change and the associated concerns. This news follows the recent delay in the decision regarding Franklin Templeton’s spot Ethereum ETF.
Franklin Templeton’s proposed ETF is also facing uncertainty as the SEC extended the deadline for its decision to June 11, 2024. The fate of this financial product remains uncertain for now. Other companies, including BlackRock, 21Shares with Ark, Fidelity, Invesco with Galaxy, Grayscale, VanEck, Hashdex, and Franklin Templeton, have also filed applications for Ethereum ETFs.
The SEC is expected to make a decision on VanEck’s ETF application by May 23. However, the recent delays have dampened expectations. Bloomberg Intelligence analyst James Seyffart has expressed doubts about the approval of the current round of Ether ETF applications.
In a separate development, Ethereum developer firm Consensys, led by Joe Lubin, has filed a lawsuit against the SEC, accusing it of “overzealous regulation” surrounding the Ethereum blockchain. Lubin stated that Consensys is taking a stand to preserve access to ether and the Ethereum blockchain in the United States.
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