The US Securities and Exchange Commission (SEC) has decided to take more time to consider whether to approve or reject a proposal for a spot Ethereum exchange-traded fund (ETF) from investment management company Invesco and crypto financial services firm Galaxy Digital. Originally set for a decision on December 23, 2023, the SEC has granted itself a 45-day extension, with the new deadline now set for February 6, 2024.
The SEC justified the extension by stating that it needs additional time to thoroughly assess the proposed rule change and the related concerns. This comes after a recent extension for a spot Ethereum ETF by Grayscale Investments, with a new deadline of January 25, 2024.
In the crypto space, seven spot Ethereum ETF filings are currently awaiting SEC decisions. Besides Grayscale Investments and Invesco/Galaxy, other applicants include Fidelity, BlackRock, VanEck, Hashdex, and Ark Invest/21 Shares.
While the SEC is taking its time with Ethereum ETFs, it has also prolonged its consideration of spot Bitcoin ETFs, which have a higher number of applicants. Recent reports suggest that discussions with the Commission regarding spot Bitcoin ETFs are progressing, raising hopes for potential approvals. Big players like BlackRock, Franklin Templeton, and Fidelity are competing to launch a spot Bitcoin ETF, with predictions from Hashdex indicating that US investors might gain access to such a product by the second quarter of 2024, followed by a spot Ether ETF.
RECOMMENDED ARTICLES
Ex-Credit Suisse Exec Launches Crypto Platform for Banks
Sam Bankman-Fried, a Cryptocurrency Celebrates Is Found Guilty
Crypto Rug pull Alert: Crypto Hacks That Shook The Web3 Industry This Week
Huobi to Welcome PayPal’s PYUSD Stablecoin: Listing Schedule Announced
Ripple Files Lawsuit Against UK Money Transfer Service Over Forex Platform And Transfer App
Coinbase Launches in Canada with Coinbase One: A Guide to the Latest
NFT project y00ts to return $3M grant for ditching Polygon