- The SEC extends the review for Invesco Galaxy Ethereum ETF, with a new decision deadline set for February 6, 2024.
- The initial 45-day review period, starting from the notice publication, is now extended until December 23, 2023.
The United States Securities and Exchange Commission (SEC) has decided to extend its review period for the proposed Invesco Galaxy Ethereum Exchange-Traded Fund (ETF). In a notice released on December 13, the SEC announced its intention to take additional time to evaluate the rule change proposal, allowing the Cboe BZX Exchange to list and trade shares of the Ethereum ETF. The new deadline for the decision is now set for February 6, 2024.
Invesco and Galaxy Digital submitted the registration application for the Ethereum spot ETF in September, following the revitalization of the registration process for the Bitcoin spot ETF earlier in June. Analysts speculate that the SEC may be on the verge of making decisions regarding spot crypto ETFs, encompassing Bitcoin and Ether.
Market Players Waiting for SEC ETF Approval
The approval of registration applications from prominent financial entities like Invesco and Galaxy Digital could potentially inject substantial capital into the crypto market. The involvement of traditional financial institutions is also anticipated to contribute to the broader acceptance of cryptocurrencies.
Over the past months, the SEC has engaged in ongoing discussions with ETF registration organizations, addressing various aspects of fund details and related concerns. Market players like BlackRock and Grayscale advocate for an accelerated approval process.
While the SEC has not yet given the green light to any spot ETFs, it has permitted the operation of futures ETFs. Significantly firms such as BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity eagerly await approval for their respective ETF investment products. The outcome of the SEC’s decision will significantly impact the trajectory of crypto investment products in the traditional financial landscape.
