The Securities and Exchange Commission is making a significant decision regarding the Invesco Galaxy Ethereum ETF, as it plans to extend the approval process for proposed rule changes. This news comes as the commission evaluates various ETF proposals, including those related to Bitcoin, which it has never approved in the past.
Notably, Invesco is not the only asset manager facing delays from the SEC. Grayscale Ethereum Trust, among others, has also received an extension on its spot ETF application. The new deadline for decision has been set for January 25, 2024, replacing the previous expectation of a verdict by December 6, 2023.
Several prominent companies, including BlackRock, Fidelity, and WisdomTree, have submitted Bitcoin ETF applications that are currently being reviewed by the SEC. The crypto industry eagerly anticipates a positive ruling, which could signify the approval of the first spot Bitcoin ETF in the United States.
Cryptocurrency enthusiasts remain optimistic about the SEC’s forthcoming decision and its potential impact on the market. Excitement is building as the approval window in January draws nearer, leaving only four weeks for the SEC to reveal its ruling.
Meanwhile, industry players such as BlackRock, Hashdex, ARK 21Shares, VanEck, and Fidelity have submitted bids for spot crypto ETFs, signaling a growing interest in this investment vehicle.