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News - SEC delays another Ethereum ETF application
The US Securities and Exchange Commission (SEC) has delayed its decision to approve Galaxy and Invesco's Ethereum ETF. This is stated in a ver statement issued by the authority on Dec. 13. According to Bloomberg analyst James Seyffart, the decision was "early, but fully expected." The deadline for approval was Dec. 23. The SEC exempted the Ethereum ETF application from Grayscale last out on Dec. 6.
Update: SEC delayed @InvescoUS / @galaxyhq Ethereum ETF application -- This was early but completely expected. (Wasn't due until Dec 23rd I think) pic.twitter.com/jFCjnND3Rf
— James Seyffart (@JSeyff) December 13, 2023
The new deadline for possible approval is Feb. 6, 2024. In addition to the applications from Galaxy and Grayscale, the authority has received other applications. These include the world's largest asset manager BlackRock, Hashdex, Ark Invest, VanEck and Fidelity. Approval of the Bitcoin ETF would also make approval of the Ethereum product more likely, according to some observers.
The authority must make a decision on one of the Ethereum applications by May 2024. It would also be possible to approve all applications at the same time. Just a few days ago, the exchange regulator warned against investing in cryptocurrencies. This would good news could be for the adoption of Bitcoin ETFs.
Read about the impact that an approval could have on Ethereum.
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