The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the approval of a spot Ether ETF proposed by Invesco and Galaxy Digital, extending the review period into 2024.
The SEC, in a notice dated Dec. 13, announced its intention to extend the deadline for determining the fate of the Invesco Galaxy Ethereum ETF. This spot cryptocurrency investment vehicle is among several under the SEC’s consideration, none of which, including those based on Bitcoin or other cryptocurrencies, have received approval to date.
“The 45th day after publication of the notice for this proposed rule change is December 23, 2023. The Commission is extending this 45-day time period,” the SEC’s notice reads. It further states, “[T]he Commission […] designates February 6, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
The application for the spot ETH ETF by Invesco and Galaxy Digital was submitted in September, following the reactivation of their spot Bitcoin ETF application in June. There is speculation among experts that the SEC’s eventual approval of a spot crypto ETF, whether for Bitcoin or Ether, might coincide with approvals for funds from multiple companies.
Currently, firms including BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity have pending applications for spot crypto ETFs. Recent SEC memos reveal meetings between asset managers and commission officials to discuss these ETF proposals.