The US Securities and Exchange Commission (SEC) has deferred its decision on Invesco and Galaxy Digital's application to launch a spot Ethereum ETF.
According to the announcement made yesterday, the SEC needs additional time to decide whether or not to approve the rule change proposed by both companies that would allow the launch of the Invesco Galaxy Ethereum ETF on the Cboe BZX Exchange.
This exchange-traded fund is just one of many for the regulator to consider. To date, the SEC has not given its approval for any ETF with direct exposure to any crypto.
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According to the notice published by the regulator:
"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. The Commission [...] designates February 6, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change."