[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"23beb07a-e380-4920-b8e3-2c2a81f940c9","updated_at":"2024-05-07T10:03:08.015227+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"SEC delayed its decision on the Invesco Galaxy Ethereum Spot ETF until July 5th, 2024, citing the need for more time to evaluate the proposed rule change.","sapo":"On May 6th,2024, the U.S. Securities and Exchange Commission (SEC) announced a delay in its decision regarding the Invesco Galaxy Ethereum Spot ETF. It sets the next deadline on July 5th, 2024 to provide its ruling on the proposed ETF issue. ","title":"SEC Postpones Galaxy ETF Ethereum Decision Until July","content":"

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The SEC stated in a document released on Monday: “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

Over the past few months, the SEC has also put off decisions on a total number of 8 other Ethereum Spot ETFs, including those popular ones from VanEck, Franklin Templeton, Grayscale, BlackRock, Fidelity, Hashdex and Ark 21Shares.

Ethereum ETF registration deadline.

(Source: SEC.gov)

The SEC's decision to delay its ruling is seen as a move to ensure thorough consideration of the proposed changes and the questions they raise. The delay also affects other firms awaiting decisions on their Ethereum Spot ETFs.

Bloomberg Intelligence analyst James Seyffart has expressed skepticism, suggesting the current round of Ether ETF applications might ultimately be denied. In March, Bloomberg ETF senior analyst Eric Balchunas shared on X that their odds for Ethereum ETF approval by May remained a pessimistic 25%, implying the possibility is less convincing.

Also in an announcement on social media platform X, Lubin said Consensys has taken an important step towards “preserving access to ether and, by extension, the Ethereum blockchain in the U.S. We are suing the SEC and fighting back against its overzealous regulatory overreach.”

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SEC Postpones Galaxy ETF Ethereum Decision Until July

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