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SEC Delays Decision on Invesco Galaxy Ethereum ETF
The Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the Invesco Galaxy spot Ethereum exchange-traded fund (ETF). The SEC stated that the next deadline for approval or disapproval of the Ethereum ETF is now set for July 5, 2024.
Reason for Delay
In a recent filing, the SEC mentioned that it requires more time to thoroughly evaluate the proposed rule change and the associated issues before making a decision.
Franklin Templeton’s Eth ETF Decision Postponed
Similarly, the SEC has extended the deadline for Franklin Templeton’s proposed spot Ethereum ETF to June 11, 2024. This delay has created uncertainty around the future of this financial product.
Other Ethereum ETF Applications
- BlackRock
- 21Shares with Ark
- Fidelity
- Invesco with Galaxy
- Grayscale
- VanEck
- Hashdex
- Franklin Templeton
SEC’s Expected Decision on Spot ETH ETFs
Analysts speculate that the SEC may deny spot Ether ETF applications during the upcoming deadlines. The SEC has until May 23 to approve or reject VanEck’s ETF application tracking Ethereum.
Analyst Insights
Analysts from Bloomberg Intelligence have expressed doubts about the approval of Ether ETFs. James Seyffart has suggested that the current round of applications might face rejection.
Consensys Lawsuit Against SEC
In response to the SEC’s regulatory actions, Ethereum developer firm Consensys, led by Joe Lubin, has filed a lawsuit. Lubin stated that the lawsuit aims to protect access to ether and the Ethereum blockchain in the U.S., challenging the SEC’s regulatory overreach.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
