Ethereum
Invesco Ethereum ETF: the SEC extends the suspense!
1:15 p.m. ▪ 3 min reading ▪ by Mikaia A.
The US Securities and Exchange Commission (SEC), world champion of ETF procrastination, has resurfaced. A newly filed document announces an additional 60-day delay in the decision regarding the Invesco Galaxy Ethereum tracker. A habit that no longer surprises anyone in the crypto universe.
SEC further delays Ethereum ETF decision: indecision reigns supreme!
Gary Gensler and his team seem reluctant to approve Ethereum spot ETFs, even though they have already approved Ethereum Futures ETFs. THE numerous decision postponements are proof of this. The SEC even opted for public consultation to better defend its position. And it does not stop there !
According to CointelegraphThe United States Securities and Exchange Commission (SEC) has once again postponed its decision on the The Invesco Galaxy request to create an Ethereum spot exchange-traded fund (ETF).
In a document filed on May 6, the SEC gave itself an additional 60 days to rule on Invesco Galaxy’s request for a spot ETH ETF, thus setting the next deadline is July 5.
“The Commission considers it appropriate to set a longer deadline for issuing an order approving or disapproving the proposed rule change in order to provide sufficient time to consider the proposed rule change and the issues it raises,” the SEC wrote .
Over the past few months, SEC Delayed Decisions on Applications of Eight Potential Ethereum ETF Issuersconfirming the expectations of analysts including VanEck, BlackRock, Fidelity, Franklin Templeton, Hashdex and Ark 21Shares.
The transmitters left in total emptiness!
Last March, Eric Balchunas, senior analyst at Bloomberg ETF, lowered its forecast for SEC ETF approvals from 50% to 35%. He was less optimistic that VanEck’s offer would be approved before the deadline.
According to Balchunas, the SEC’s prolonged “radio silence” toward potential fund issuers, combined with growing political resistance to SEC Chairman Gary Gensler, prompted the decision.
Similarly, Bloomberg ETF analyst James Seyffart revised his stance to “cautiously optimistic.” Since March 20, he has been expecting a “final rejection” of all Ethereum ETF applications by the SEC on May 23.
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Despite this consensus, Ethereum advocate Anthony Sassano remains confident in approving funds before VanEck’s deadline, citing the SEC’s approval of 2023 Ethereum futures ETF products and other recent meetings between regulators and companies in the sector.
Michael Saylor of MicroStrategy is more than skeptical.
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Mikaïa A.
The blockchain and crypto revolution is underway! And the day when the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
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The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.