Ethereum
SEC Postpones Decision on Invesco Galaxy Ethereum ETF Until July 5!
The US Securities and Exchange Commission has extended its deadline to approve the Invesco Galaxy Ethereum ETF. The move sparked considerable interest among investors and market analysts.
Extension of the review period: filing details
Pursuant to the latest filing with the SEC dated May 6, 2024, the Commission announced the need for additional time to review the Invesco Galaxy. Ethereum ETF proposal, originally submitted by Cboe BZX Exchange.
The announcement extended the review period for deciding on the choice of Ethereum ETFs until July 5, 2024. The SEC justifies this extension by the need for more time to consider the implications of approving the ETF Ethereum on the market.
The filing stated: “The Commission believes it is appropriate to designate a longer time frame for issuing an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues that are raised there. »
The Ethereum ETF journey began on October 20, 2023, when Cboe BZX Exchange filed the initial application with the SEC. Subsequently, on November 8, 2023, the proposal was opened for public comment.
As per standard procedure, the SEC extended its review period to February 2024 and again extended its decision until July of this year.
We cannot expect a sure decision in July. The SEC is likely to refuse, followed by Galaxy or BlackRock or any other plaintiff appealing their decision in court, followed by a lengthy process.
In conclusion
Although extending the SEC’s review period for the Invesco Galaxy Ethereum ETF would have represented the Commission’s best investigative effort, the reality is quite different. Market experts believe the real reason the SEC delayed the Spot Ethereum ETFs is Gensler’s aggressive stance toward crypto and the ongoing investigation surrounding Ethereum, or “ETHGate.”
Michael Saylor, CEO of MicroStrategy and prominent Bitcoin maximalist, said in his recent speech that the SEC would likely deny Spot Ethereum ETFs.
On July 5, 2024 everyone will examine what the effects of this judgment will be.
Also discover: New Spot Bitcoin and Ethereum ETFs from Hong Kong: First week analysis