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The US Securities and Exchange Commission (SEC) has once again delayed a decision on Invesco Galaxy's creation of a spot Ethereum ETF, extending the deadline to July 5, 2024.
This extension allows the SEC to conduct thorough investigations and address all concerns in detail. However, this delay is part of a recurring pattern of postponing spot Ethereum ETF applications by major financial institutions.
In the last one submitted application The Commission refers to the need for additional time to properly analyze the proposal to change the rules for the Invesco Galaxy ETF. This delay is intended to provide a comprehensive overview of the complexities involved in granting approval.
The SEC's cautious approach reflects broader regulatory uncertainty surrounding cryptocurrency-related products. While Grayscale's Ethereum trust has already been registered, complications continue. The repeated delays that other spot issuers also faced Ethereum ETFs, highlight the challenge facing financial regulators in policing the sector with growing interest in crypto investment products.
Repeated delays by the US regulator set a precedent for companies like Invesco Galaxy, serving as an example for others awaiting approvals for their ETF. As the decisions for VanEck and Ark Invest are expected later this month, all eyes are on any indication of a change in the SEC's approach.