Ethereum

SEC delays Galaxy decision on Ethereum ETF until July — TradingView News

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U.S. Securities and Exchange Commission Delayed Decision on Galaxy Invesco’s Spot Ether Application ETHUSD exchange-traded fund (ETF).

In a May 6 filing, the SEC gave itself an additional 60 days to make a call on the Galaxy ETF, with the next deadline set for July 5.

“The Commission believes it is appropriate to designate a longer time frame for issuing 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. ” the SEC wrote. Cointelegraph

Over the past few months, the SEC has delayed decisions on applications from eight potential Ether ETF issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex and Ark 21Shares, in line with analyst expectations.

May 23 is the final deadline for VanEck’s Ether ETF application and the “only deadline that matters,” Bloomberg ETF analyst James Seyffart said in a March 20 article.

In March, Eric Balchunas, senior ETF analyst at Bloomberg, lowered his chances of the SEC approving the ETFs from 50% to 35%, being less confident that the regulator would approve VanEck’s offering before the deadline.

Speaking to Cointelegraph on March 12, Balchunas cited a prolonged period of “radio silence” from the SEC toward potential money issuers, combined with growing political resistance to SEC Chairman Gary Gensler, as reasons explaining the reduced probability of approval.

Seyffart said his “cautiously optimistic” attitude toward pending Ether ETF applications has changed. As of March 20, he expects all Ether ETF applications to be “ultimately denied” by the SEC on May 23.

Despite this consensus among ETF analysts, Ethereum advocate Anthony Sassano said he remained confident the regulator could approve the funds before VanEck’s deadline.

Sassano addressed the agency’s approval of Ether futures ETF products last year and cited a March 9 meeting between the regulator, crypto asset management firm Grayscale and crypto exchange Coinbase as additional reasons why the SEC could still approve the applications.

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