SEC postpones deadline for decision on Invesco Galaxy spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has delayed its review of Invesco Galaxy’s Ethereum (ETH) spot ETF.

Setting a new deadline of Feb. 6, the SEC has pushed back the applications of a spot ETH ETF that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.

“The 45th day after publication of the notice for this proposed rule change is December 23, 2023. The Commission is extending this 45-day time period.”

SEC

In September, asset managers Invesco and Galaxy Digital submitted a joint filing to SEC to launch an Ethereum-based ETF. The tool will reflect the spot price of the second-largest cryptocurrency by capitalization. ETH will be stored by a separate custodian, who has not yet been named. The SEC was supposed to decide on the application by Dec. 23.

In addition to Invesco, last week the Commission announced that it will not have time to consider Grayscale’s application to launch spot ETF on ETH until the end of 2023. The delay is due to the lack of time required to conduct an in-depth and comprehensive analysis of the launch of spot Ethereum ETFs.

SEC Chairman Gary Gensler previously said that long approval processes are due to the comprehensiveness of risk assessments relating to the U.S. financial system.