The US Securities and Exchange Commission (SEC), world champion of ETF procrastination, has resurfaced. A newly filed document announced a new 60-day postponement regarding the decision on the Invesco Galaxy tracker dedicated to Ethereum. A habit that no longer surprises many people in the crypto world.
The SEC further delays the decision on Ethereum ETFs: indecision reigns supreme!
Gary Gensler and his team seem reluctant to validate Ethereum ETFs for spot, even though they have already given their approval for the Ethereum Futures ETFs. THE numerous postponements of decisions are here to prove it. The SEC had even opted for a public consultation to better defend itself. And it's not over !
According to Cointelegraphthe United States Securities and Exchange Commission (SEC) has once again postponed its decision on the Invesco Galaxy application to create an exchange-traded fund (ETF) on spot Ether.
In a document filed on May 6, the SEC gave itself an additional 60 days to rule on Invesco Galaxy's application for a spot ETH ETF, thus setting the next deadline is July 5.
“ The Commission believes it is appropriate to designate a longer period for issuing an order approving or disapproving the proposed rule change so that it has sufficient time to review the proposed rule change and the issues it raises. ”, wrote the SEC.
Over the past few months, SEC delayed decisions on applications from eight potential Ethereum ETF issuersin line with the expectations of analysts including VanEck, BlackRock, Fidelity, Franklin Templeton, Hashdex and Ark 21Shares.
The transmitters in total limbo!
Last March, Eric Balchunas, senior analyst at Bloomberg ETF, reduces SEC ETF approval forecast from 50% to 35%. He was less optimistic that VanEck's offer would be approved before the deadline.
According to Mr. Balchunas, the “ radio silence » extended by the SEC towards potential fund issuers, combined with a growing political decline of Gary Genslerpresident of the SEC, motivated this decision.
Likewise, Bloomberg ETF analyst James Seyffart revised his attitude “ cautiously optimistic “. Since March 20, he expects A ” final rejection » of all Ethereum ETF requests by the SEC on May 23.
Despite this consensus, Ethereum advocate Anthony Sassano remains confident in approving funds before VanEck's deadline, citing the SEC's approval of Ethereum futures ETF products in 2023 and other recent meetings between regulators and companies in the sector.
Michael Saylor of MicroStrategy remains more than skeptical.
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