tl;dr
The SEC has postponed its decision on the proposed Invesco Galaxy Ethereum ETF to July 5, 2024. This delay follows similar actions on applications from BlackRock, Fidelity, and other major firms. The SEC cited the need for more time to thoroughly evaluate the ETF proposal and associated issues. The ...
SEC Delays Decision on Invesco Galaxy Ethereum ETF Summary:
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the proposed Invesco Galaxy Ethereum exchange-traded fund (ETF) to July 5, 2024. The regulator cited the need for more time to thoroughly evaluate the ETF proposal and associated issues. This delay follows similar actions on applications from BlackRock, Fidelity, and other major firms.
Analysts have reduced the likelihood of approval for Ether ETFs, with waning optimism for their approval. Ethereum is currently trading at $3,059 with a 3.04% drop in the last 24 hours.
Key Points:
- The SEC has delayed its decision on the proposed Invesco Galaxy Ethereum ETF.
- The regulator will now take its decision on July 5, 2024.
- Similar actions have been taken on applications from BlackRock, Fidelity, etc.
Background:
The SEC has announced a delay in making a decision on the proposed Invesco Galaxy Ethereum ETF, pushing the next deadline to July 5, 2024. The agency stated the need for a longer period to thoroughly evaluate the ETF proposal and associated issues.
This delay follows similar actions taken on applications from all eight prospective Ether ETF issuers, including major names like BlackRock, Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.
Analysts had largely anticipated such delays, and while the final deadline for VanEck’s Ether ETF application is May 23, optimism for the approval of such products has waned in recent months.
Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $3,059 as of 5:45 a.m. UTC, with a 3.04% drop in the last 24 hours, according to the data from CoinMarketCap.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.