The Securities and Exchange Commission has pushed back the date by which it will make its decision about the Invesco Galaxy Ethereum ETF.
The agency had previously postponed a determination regarding the fund until December and only recently announced that legal action would be initiated.
According to a filing by the SEC, the present moment is an opportunity to commence legal proceedings concerning the established regulatory amendments.
The same holds true for numerous spot Ethereum ETF applications for which the SEC has granted a deadline extension. Additionally, Grayscale Investments has entered the queue.
The SEC is concerned that Ethereum’s proof-of-stake mechanism and the concentration of controlling power among a small number of individuals may facilitate dubious situations involving discrepancies and illegal activities.
It is anticipated that an announcement concerning the Invesco Galaxy Ethereum ETF will be made public within twenty-one days.
Whether the SEC will grant approval for spot Ethereum ETFs is uncertain. TD Cowen Investment Bank predicts that one will be authorized by the SEC by early 2026 or late 2025, whereas other analysts anticipate approval as early as May 23. Some are even uncertain as to whether the agency will grant authorization for spot Ethereum ETFs within that time period.
Gary Gensler, chairman of the SEC, asserts that the organization’s consent for multiple spot bitcoin ETFs was solely for cryptocurrency-related purposes and should not be misconstrued.