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SEC pushes deadline for resolution on Invesco Galaxy spot Ether ETF to 2024

13 Dec 2023
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The US Securities and Trade Fee (SEC) has delayed its resolution on whether or not to approve or disapprove a spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital.

In a Dec. 13 discover, the SEC said it could designate an extended interval on whether or not to approve or disapprove a proposed rule change that might enable the Cboe BZX Trade to checklist and commerce shares of the Invesco Galaxy Ethereum ETF. The proposed spot crypto funding automobile is one among many being thought of by the fee, which up to now has by no means accepted an ETF with direct publicity to Bitcoin (BTC) or different cryptocurrencies.

“The forty fifth day after publication of the discover for this proposed rule change is December 23, 2023. The Fee is extending this 45-day time interval,” mentioned the Dec. 13 discover. “[T]he Fee […] designates February 6, 2024, because the date by which the Fee shall both approve or disapprove, or institute proceedings to find out whether or not to disapprove, the proposed rule change.”

Associated: BlackRock revises spot Bitcoin ETF to enable easier access for banks

Invesco and Galaxy Digital filed the spot ETH ETF utility in September after it had “reactivated” its application for a spot Bitcoin ETF in June. Some consultants have speculated that ought to the SEC determine to finally approve a spot crypto ETF — whether or not it consists of Bitcoin or Ether — it may transfer ahead with simultaneous approvals of funds from a number of companies.

On the time of publication, purposes from companies on spot crypto ETFs included BlackRock, Hashdex, ARK 21Shares, VanEck and Constancy. Memos launched by the SEC over the past 30 days confirmed some asset managers’ representatives met with commission officials to debate the ETF choices.

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