The commission was given until December 23 to decide on the approval or disapproval of the spot cryptocurrency investment vehicle.
Invesco and Galaxy Digital have proposed a spot Ether ETH $2,280 exchange-traded fund (ETF), but the US Securities and Exchange Commission has put off deciding whether to approve or disapprove it.
The SEC announced in a notice dated December 13 that it would extend the time frame for deciding whether to accept or reject a proposed rule change that would enable the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.
The commission is examining a number of potential spot cryptocurrency investment vehicles; it has never approved an ETF that has direct exposure to Bitcoin (BTC$42,927) or other cryptocurrencies.
cryptocurrencies. This proposed rule change will take effect on December 23, 2023, which is 45 days after the notice is published. According to the notice dated December 13, “The Commission is extending this 45-day time period.” “The proposed rule change is subject to Commission approval or disapproval, or the Commission may initiate proceedings to determine its denial by February 6, 2024,” according to the Commission’s designation.
Conclusion
The SEC’s decision to delay the approval of the Invesco Galaxy spot Ethereum ETF has left the crypto community in a state of limbo. While the reasons for the delay remain unclear, it is evident that the future of this ETF and the broader crypto ETF market remains uncertain. Investors and industry experts will need to continue to monitor the situation closely and adapt their strategies accordingly in the months ahead.
