SEC Postpones Verdict on Invesco Galaxy Ethereum ETF Until 2024

The SEC has opted to extend the deadline to February 6, 2024, to approve or deny the application for the Invesco Galaxy Ethereum ETF.

Cboe BZX Exchange recently submitted a proposed rule change to the Securities and Exchange Commission (SEC) concerning the listing and trading of shares for the Invesco Galaxy Ethereum ETF.

The SEC Has Implemented A New Deadline

The proposal was published for public comment in the Federal Register on November 8, 2023.

However, the filing states the SEC is required to take action within 45 days of the publication of notice for a proposed rule change.

This extension allows for a more thorough examination of the proposed rule change. This ensures enough time for consideration of the issues raised during the public comment period.

The Invesco Galaxy Ethereum ETF holds significance as its potential listing and trading on Cboe could have far-reaching implications for investors and the broader market.

However, on December 6, BeInCrypto reported that the SEC delayed its decision on Grayscale’s Ethereum ETF. The deadline for Grayscale’s product is January 25, 2024.

Read more: How To Buy Ethereum (ETH) With a Credit Card: A Step-by-Step Guide

Other Asset Management Firms In the Ether ETF Race

Interested parties can access the comments submitted during the public comment period on the SEC’s official website.

The SEC’s extended review period aims to strike a balance between fostering innovation and ensuring investor protection. February 6, 2024, marks a key date for the crypto community. As the SEC will announce its decision or institute further proceedings regarding the proposed rule change by Cboe BZX Exchange.

This comes amid recent news that the world’s largest asset manager BlackRock has also filed for an Ethereum ETF. On November 16, BeInCrypto reported that BlackRock filed for the Ethereum ETF with the US SEC.

However, major asset management firms such as ARK Invest and its partner 21 Shares already filed for a spot Ethereum ETF in September.

Read more: Optimism Vs. Arbitrum: Ethereum Layer-2 Rollups Compared