Invesco and Galaxy Digital postpone decision on Ethereum ETF
Key Takeaways:
- SEC extends decision on Invesco and Galaxy Digital’s Ethereum ETF until February 2024.
- The proposed ETF represents for the first time the possibility of direct exposure to cryptocurrencies in an ETF.
- Several companies have submitted applications for spot cryptocurrency ETFs, indicating a growing trend in the industry.
The U.S. Securities and Exchange Commission (SEC) The timeline for making a decision on the proposed Ethereum (ETH) exchange-traded fund (ETF) has once again been extended..
A joint effort between Invesco and Galaxy Digital, the ETF is ready to provide direct exposure to Ethereum.
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In the notice, the SEC emphasized that it needs additional time to thoroughly consider the proposed rule changes. Allows Cboe BZX Exchange to facilitate listing and trading of Invesco Galaxy Ethereum ETF shares..
The SEC’s decision to extend this period highlights the complexity and novelty of integrating cryptocurrencies like Ethereum into mainstream financial products like ETFs.
This extension caused significant delays. Postponing a decision beyond the initial 45-day period This is scheduled to end on December 23, 2023. According to the notice:
The committee <...> Specifies February 6, 2024, as the date on which the Commission will begin the process of approving or disapproving, or determining whether to disapprove, the proposed rule changes.
Invesco and Galaxy Digital We submitted our first spot ETH ETF application in September.This follows the re-activation of applications for spot Bitcoin ETFs in early June.
With a new deadline set for early 2024, the cryptocurrency community and potential investors are Historic decision in the digital asset space.
The approval of the Invesco Galaxy Ethereum ETF marks a milestone in the cryptocurrency space. The SEC has not yet approved an ETF with direct exposure to Bitcoin (BTC) or other cryptocurrencies..
Overall, the proposed ETF is part of a broader trend that includes several companies, including: fidelity, black stone, Van Eck, Hashdexand ARK 21 weeksIt also submitted an application for a spot crypto ETF.
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