SEC Pushes Verdict on Invesco Galaxy Spot ETH ETF to July

• The SEC has delayed its resolution on the proposed Invesco Galaxy Ethereum ETF.
• The regulator will now take its resolution on July 5, 2024.
• Related actions have been taken on purposes from BlackRock, Constancy, and many others.

The U.S. Securities and Change Fee (SEC) has introduced a delay in making a call on the proposed Invesco Galaxy Ethereum exchange-traded fund (ETF), pushing the following deadline to July 5, 2024.

In a submitting posted on Monday, the SEC said that it requires extra time to think about the proposed rule change and the related points. The company emphasised the necessity for an extended interval to totally consider the ETF proposal.

“The Fee finds that it’s applicable to designate an extended interval inside which to situation an order approving or disapproving the proposed rule change in order that it has adequate time to think about the proposed rule change and the problems raised therein,” the SEC mentioned.

This newest delay comes amid comparable actions taken on purposes from all eight potential Ether ETF issuers, together with main names like BlackRock, Constancy, Franklin Templeton, Hashdex, and Ark 21Shares. Analysts had largely anticipated such delays.

The ultimate deadline for VanEck’s Ether ETF utility is Might 23, a date that Bloomberg ETF analyst James Seyffart has described because the “solely deadline that issues” in a submit on X from March 20.

Nevertheless, optimism for the approval of such merchandise has waned in current months. Bloomberg ETF analyst Eric Balchunas has notably decreased his estimate of the chance of a spot Ethereum ETF approval by late Might from about 70% to 25%.Ethereum, the second-largest cryptocurrency by market capitalization, is buying and selling at $3,059 as of 5:45  a.m. UTC, with a 3.04% drop within the final 24 hours, in line with the information from CoinMarketCap.