SEC extends decision deadline for Invesco and Galaxy Spot Ethereum ETFs until 2024
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The US SEC postponed a decision on whether to approve or reject the spot Ether ETF proposed by Galaxy Digital and Invesco.
Invesco and Galaxy Digital filed for a spot ETH ETF in September after “reactivating” their spot Bitcoin ETF application in June.
The U.S. Securities and Exchange Commission (SEC) postponed its decision on whether to approve or reject the spot Ethereum exchange-traded fund (ETF) launched by Galaxy Digital and Invesco.
The SEC announced on December 13 that it would extend the period to decide whether to accept or reject proposed rule changes that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.
The Commission, which has yet to approve an ETF with direct exposure to Bitcoin or other cryptocurrencies, is currently considering a variety of investment vehicles, including proposed spot cryptocurrency investment vehicles. The notice states:
“The 45th day following publication of notice of this proposed rule change is December 23, 2023. The Commission is extending this 45-day period.”
Invesco and Galaxy Digital filed for a spot ETH ETF in September after “reactivating” their spot Bitcoin ETF application in June. Let’s say the SEC ultimately decides to allow spot cryptocurrency ETFs, whether Bitcoin or Ethereum. In this case, the theory of several experts is that it may be possible to do so while receiving funding approval from multiple companies at the same time.
BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity are among the companies that have submitted applications for spot cryptocurrency ETFs. According to memos released by the SEC over the past 30 days, representatives from several asset management companies met with committee officials to discuss the ETF proposal.
The Financial Accounting Standards Board (FASB), the U.S. regulator that oversees accounting procedures, has issued long-awaited regulations, an important step toward improving the transparency of financial reporting for certain crypto assets. The rule, which is scheduled to take effect for fiscal years beginning after December 15, 2024, provides for fair value accounting for certain cryptocurrencies included on company balance sheets.
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