Ethereum
SEC Postpones Decision on Invesco Galaxy Ethereum ETF Until July 5!
Big news for Ethereum investors! The United States Securities and Exchange Commission (SEC) has thrown a curveball by delaying a decision on the highly anticipated Invesco Galaxy Ethereum ETF. The move has analysts and investors scrambling to understand what this means for the future of the economy. Ethereum ETF in the USA. Will July bring the green light, or is this just the first hurdle in a long race?
Keep reading to find out!
Extension of the review period: filing details
In a recent court filing dated May 6, 2024, the SEC revealed that it needs more time to consider the Invesco Galaxy Ethereum ETF proposal, which was first introduced by the Cboe BZX Stock Exchange.
The announcement extended the review period for deciding on the choice of Ethereum ETFs until July 5, 2024. The SEC justifies this extension by the need for more time to consider the implications of approving the ETF Ethereum on the market.
“The Commission believes that a longer deadline for issuing an order approving or disapproving the proposed rule change is appropriate so that it has sufficient time to consider the proposed rule change and the issues raised therein. »
The journey so far
The Ethereum ETF story began on October 20, 2023, when Cboe BZX Exchange took the first step. On November 8, 2023, the proposal was available for everyone to express themselves.
Per the rules, the SEC extended its review process to February 2024, and we now wait until July for the final appeal.
But don’t count on a clear decision in July. The SEC could play hardball, with Galaxy, BlackRock or others potentially going to court if things don’t go as planned, setting the stage for a lengthy legal battle.
After that ?
Although the SEC’s extension may sound like a thorough investigation, some experts believe otherwise. They believe the delay comes from SEC Chairman Gensler’s hardline stance on crypto, combined with continued study of Ethereum, known as “ETHGate.”
Michael Saylor, CEO of MicroStrategy and a big Bitcoin supporter, recently said the SEC would likely say no to Spot Ethereum ETFs.
On July 5, 2024, all eyes will be on the consequences of this big decision. Will this spark a crypto frenzy or shake up the market? We’ll have to wait and see.
Also discover: New Spot Bitcoin and Ethereum ETFs from Hong Kong: First week analysis
The future of US Ethereum ETFs is at stake. Join the conversation and share your ideas!