Ethereum

United

Galaxy

<p>The United States Securities and Exchange Commission<a href="https://www.cryptopolitan.com/sec-insists-on-cash-redemption-model-for/" rel="noopener noreferrer nofollow"> (SEC) </a>has announced an extension of the deadline for its decision on the approval or disapproval of the proposed Invesco Galaxy Ethereum Exchange-Traded Fund (ETF).</p>
<p>&nbsp;In a notice issued the SEC revealed that it would designate a longer period for evaluation, pushing the decision date to February 6, 2024.</p>
<h2 class="wp-block-heading" id="invesco-and-galaxy-s-sequential-etf-pursuits">Invesco and Galaxy’s sequential ETF pursuits</h2>
<p>Invesco and Galaxy Digital jointly<a href="https://twitter.com/JSeyff/status/1735039904910840016" rel="noopener noreferrer nofollow" target="_blank"> submitted</a> an application for a spot in Ethereum ETF. This move followed their earlier attempt to secure approval for a spot Bitcoin ETF, which had been “reactivated” in June.&nbsp;</p>
<p>The proposed Invesco Galaxy Ethereum ETF aims to provide investors with an opportunity to gain exposure to Ethereum, a leading cryptocurrency in the market. However, the SEC has yet to approve any ETF with direct exposure to cryptocurrencies such as Bitcoin or Ethereum.</p>
<h2 class="wp-block-heading" id="the-sec-s-decision-delay">The SEC’s decision delay</h2>
<p>The original deadline for the SEC’s decision on the Invesco Galaxy Ethereum ETF was set for December 23, 2023. The SEC, however, opted to extend this timeframe, citing the need for additional evaluation.&nbsp;</p>
<p>This decision has left investors and industry stakeholders eagerly awaiting the outcome.</p>
<p>In its official statement, the SEC stated, that the 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</p>
<p>This extension provides the SEC with more time to thoroughly assess the potential impact and risks associated with the proposed ETF.</p>
<p>In the cryptocurrency industry, the approval of a spot ETF has been a highly anticipated development. It could signify a significant step towards mainstream acceptance of digital assets as investment vehicles. Several firms have submitted applications for similar products, including BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity.</p>
<p>Over the past month, the SEC has engaged in discussions with representatives from various asset management firms to explore the possibilities surrounding ETF offerings tied to cryptocurrencies. These interactions underline the growing interest in the crypto ETF space and the potential for multiple approvals from different firms.</p>
<h2 class="wp-block-heading" id="market-reactions">Market reactions</h2>
<p>The delay in the SEC’s decision regarding the Invesco Galaxy Ethereum ETF has had some impact on the cryptocurrency market. At the time of the announcement, the price of Ethereum (ETH) was at $2,280. The market has been closely monitoring developments regarding the ETF, as its approval could lead to increased institutional investment in Ethereum.</p>
<p>Similarly, the price of Bitcoin (BTC), another major cryptocurrency, was at $42,849 when the SEC’s decision delay was announced. While Bitcoin remains the dominant player in the crypto market, the approval of Ethereum-based ETFs could signal a broader acceptance of cryptocurrencies within traditional financial markets.</p>

SEC delays decision on Invesco Galaxy spot Ethereum ETF to 2024

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