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Exciting news in the world of cryptocurrency as the US Securities and Exchange Commission (SEC) has decided to delay its decision on Invesco Galaxy’s application for a spot Ether exchange-traded fund (ETF). The SEC has extended the review period by 60 days, with the new deadline set for July 5. This delay mirrors similar postponements affecting all eight prospective Ether ETF issuers, including VanEck, BlackRock, Fidelity, and Franklin Templeton.
Delayed Decision and Review Period Extension
The SEC’s decision on Invesco Galaxy’s application for a spot Ether ETF has been postponed, providing the commission with additional time to review the proposal. The 60-day extension of the review period pushes the new deadline for a decision to July 5. This delay is part of a series of similar postponements impacting multiple Ether ETF issuers.
Impact on VanEck’s Ether ETF Application
The final deadline for VanEck’s Ether ETF application is May 23, creating significant anticipation. Analysts are closely monitoring this deadline for insights into the SEC’s stance on Ether ETFs. The delay in the decision on Invesco Galaxy’s application adds to the uncertainty surrounding the approval of Ether ETFs.
Skepticism and Regulatory Pressures
Analysts have expressed skepticism about the approval of Ether ETFs, pointing to regulatory silence and political pressures faced by SEC Chair Gary Gensler. Senior Bloomberg ETF analyst Eric Balchunas has lowered the likelihood of SEC approval for Ether ETFs from 50% to 35%. The prolonged regulatory silence and growing political pushback have contributed to the decreasing likelihood of approval.
Optimism and Potential Approval
Despite the skepticism, some ETF analysts remain optimistic about the potential approval of Ether ETFs. Ethereum advocate Anthony Sassano believes the SEC could still approve the funds by VanEck’s final deadline. Sassano highlights the SEC’s prior approval of Ether futures ETF products in 2023 and recent meetings between the regulator, Grayscale, and Coinbase as indicators of potential positive outcomes for the pending ETF applications.
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