This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the approval of a spot Ether exchange-traded fund (ETF) proposed by Invesco and Galaxy Digital. The SEC has extended the time period for reviewing the proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.
This spot crypto investment vehicle is one of several being considered by the commission, which has not yet approved an ETF with direct exposure to Bitcoin or other cryptocurrencies. The SEC has designated February 6, 2024, as the deadline for approving or disapproving the proposed rule change.
Invesco and Galaxy Digital filed the spot ETH ETF application in September, following the reactivation of their application for a spot Bitcoin ETF in June. If the SEC decides to approve a spot crypto ETF, it could potentially move forward with simultaneous approvals of funds from multiple firms.
Other firms, including BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity, have also submitted applications for spot crypto ETFs. Representatives from these firms have met with SEC officials to discuss their ETF offerings.
Overall, the SEC’s delay in the decision on the spot Ether ETF application is not unexpected, and it aligns with the ongoing evaluation of various crypto investment vehicles by the commission.