The decision regarding Galaxy Invesco's application to create a spot Ethereum exchange-traded fund (ETF) has been postponed by the SEC.
According to a May 6 notice, the regulator now has 60 more days to decide on the ETF, with the new deadline set for July 5.
The reason for the delay, according to the SEC, is to allow sufficient time to thoroughly review the proposed rule change and consider any related issues.
This delay is in line with the SEC's recent trend of deferring decisions on ETF applications from other potential issuers.
Hopes the SEC will approve a spot Ethereum ETF in the near future have faded in recent months. Bloomberg ETF analyst Eric Balchunas has revised his previous estimate of a May approval from a 70% chance to 25%.