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US SEC Delays Decision on Invesco and Galaxy Digital’s Joint Ethereum ETF

As anticipated by analysts, the U.S. Securities and Exchange Commission (SEC) has extended the deliberation period for the proposed spot Ethereum ETF from Invesco and Galaxy.

This extension specifically concerns a proposed rule alteration from Cboe BZX, aimed at facilitating the listing and trading of the fund’s shares.

The SEC’s decision comes after the proposed rule change was published for public comment in the Federal Register on November 8, 2023. Following this, on December 13, 2023, the agency opted for an extended period for review, thereby widening the window for potential approval, disapproval, or the initiation of proceedings related to either.

According to the latest submission from the SEC, it has opted to commence proceedings for either approval or disapproval. The agency has invited commentators to address concerns related to fraud prevention, market manipulation, and investor safeguards—issues that held significance during the approval process of spot Bitcoin ETFs back in January.

While precise deadlines were not outlined by the SEC, it specified that comments must be submitted within 21 days of publication in the Federal Register, with rebuttal comments due within 35 days of the same publication.

May Remains Key Time Frame for Spot Ethereum ETF Approval

While the extension impacts the timeline for Invesco and Galaxy’s ETF proposal, it does not affect the overall approval schedules for Ethereum ETFs. Bloomberg ETF analyst James Seyffart highlighted the delay and emphasized May 23rd as a crucial date, marking VanEck’s final deadline for its proposal.

The SEC is expected to make decisions on multiple similar proposals concurrently, potentially encompassing those with deadlines extending beyond VanEck’s proposal.

In recent weeks, the SEC has postponed several other spot Ethereum ETFs, including applications from Fidelity on January 18th, BlackRock on January 24th, and Grayscale on January 25th. Nonetheless, these delays do not change the overarching decision deadline set for May.

The likelihood of the SEC approving a spot Ethereum ETF remains uncertain. The Polymarket prediction market currently suggests a 43% chance of approval by May. Seyffart estimates a 60% chance, while a JP Morgan analyst suggests 50%.

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