The U.S. Securities and Exchange Commission (SEC) is Delaying Approval on the Invesco Galaxy Ethereum ETF
The recent decision by the SEC to extend the review period for the Invesco Galaxy Ethereum ETF proposal has caused a buzz among investors and market analysts. This move has implications for the future of Ethereum ETFs, with potential effects on market dynamics.
Extension of Review Period: Details of The Filing
The SEC, in its latest court filing on May 6, 2024, has announced the need for more time to review the Invesco Galaxy Ethereum ETF proposal submitted by Cboe BZX Exchange. The review period has been extended until July 5, 2024, to allow for a thorough assessment of the implications of approving the Ethereum ETF in the market.
- The SEC’s filing states the need for additional time to consider the proposed rule change and the issues raised in the proposal.
- The journey of Ethereum ETFs began on October 20, 2023, when Cboe BZX Exchange filed the initial request with the SEC, followed by the proposal opening for public comment on November 8, 2023.
- In February 2024, the SEC extended the review period, and now, the decision has been postponed until July 2024.
In Conclusion
While the SEC’s decision to extend the review period may seem like a thorough investigation, experts speculate otherwise. Market experts believe that SEC’s delay in approving Spot Ethereum ETFs may be influenced by Chair Gary Gensler’s tough stance on cryptocurrencies and the ongoing ETHGate investigation.
Michael Saylor, CEO of MicroStrategy, has expressed his belief that the SEC will likely reject Spot Ethereum ETFs. The final decision is expected on July 5, 2024, and its impact on the market will be closely watched by all stakeholders.
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