SEC Extends Decision on Invesco Galaxy Ethereum ETF, Market Speculates

SEC delays verdict on Invesco Galaxy Ethereum ETF, extending deadline to July 5 amidst broader uncertainty in ETF approvals.

The Securities and Exchange Commission (SEC) has prolonged its deliberation on the Invesco Galaxy Ethereum exchange-traded fund (ETF), pushing the decision deadline to July 5, 2024. This delay, announced on May 6, intensifies speculation within the market, as uncertainties loom over the approval of Ethereum ETF.

In tandem with the delay of Invesco ETF, the SEC also deferred its decision on Franklin Templeton proposed spot Ethereum ETF, extending the deadline to June 11, 2024. These successive delays cast a shadow of uncertainty over the fate of these financial instruments, leaving issuers and investors alike in a state of anticipation.

The Ethereum ETF landscape is further complicated by the multitude of applications from various issuers, including BlackRock, 21Shares with Ark, Fidelity, Grayscale, VanEck, Hashdex, and Franklin Templeton. The SEC impending decision on VanEck Ethereum ETF, expected by May 23, remains pivotal amidst mounting speculations.

While market analysts initially anticipated a verdict on Ethereum ETFs in May, recent SEC delays have dampened expectations. Bloomberg Intelligence analyst James Seyffart has expressed skepticism, suggesting that the current wave of ETF applications may face rejection.

Adding to the regulatory uncertainty, Ethereum developer firm Consensys, led by Joe Lubin, has initiated legal action against the SEC, alleging “overzealous regulation” of the Ethereum blockchain. Lubin asserts that the lawsuit aims to safeguard access to Ethereum within the U.S., challenging the SEC regulatory stance.

As the SEC deliberations unfold and legal battles ensue, the Ethereum ETF saga underscores the complexities of regulatory approval in the crypto sphere, with broader implications for market participants and industry stakeholders alike.

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