The US Securities and Exchange Commission (SEC) has postponed its decision on whether to approve or disapprove the proposed 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 spot Ether ETF application.
- The SEC announced the postponement in a filing on May 6, stating that it would need another 60 days to decide either to approve or reject the Invesco Galaxy spot Ethereum ETF.
- As previously reported by CryptoPotato, the agency first 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 the publication to make extensions before making a final decision to approve or disapprove the application, which, according to the latest SEC’s announcement, is set for July 5, 2024.
- An excerpt from the filing reads:
“The Commission finds that it is appropriate to designate a longer period within which to issue 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 being the first applicant to await the SEC’s final decision on May 23, 2024.
- Meanwhile, optimism about the possible approval of a spot Ethereum ETF seemed to have waned in recent months, with Bloomberg ETF analyst Eric Balchunas stating that the odds of the SEC approving such a product in May is 25%.
