Ethereum ETF Decision Deferred By SEC In Latest Regulatory Move
The U.S. Securities and Exchange Commission (SEC) has opted to delay its decision regarding a proposed Ethereum exchange-traded fund (ETF) from asset management firm Invesco and cryptocurrency company Galaxy Digital.
According to a filing made public on Tuesday, the regulatory body has extended the timeline for approving or rejecting the ETF, jointly submitted by the two firms back in September. If approved, the ETF would offer investors exposure to Ethereum (ETH) without the necessity of directly purchasing and safeguarding the cryptocurrency.
While the SEC has greenlit 10 Bitcoin ETFs in January, the anticipation for an Ethereum ETF approval remains high among analysts, with some, like those at Standard Chartered, forecasting potential approval by May. The optimism stems from the SEC’s stance on Ethereum as distinct from securities, despite its recent crackdown on unregulated cryptocurrency offerings. This latest delay adds to a series of deferments by the SEC this year, reflecting ongoing scrutiny of spot Ethereum ETF applications, including those from major players like BlackRock and Fidelity.
Clever Robot News Desk 8th February 2024