The United States Securities and Exchange Commission (SEC) has postponed its verdict on Galaxy Invesco’s proposal for a spot Ethereum (ETH) exchange-traded fund (ETF). The decision has been extended for another 60 days, with the new deadline set for July 5, as per a filing on May 6.
In the filing, the SEC stated the necessity for more time to thoroughly assess the proposed rule change and the associated concerns. This delay affects not only Galaxy Invesco but also all other prospective Ether ETF applicants, including BlackRock, Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.
Highlighted excerpt of the SEC’s reasoning for delaying deciding on the Galaxy Invesco Ether ETF. Source: SEC
The final deadline for VanEck’s Ether ETF application is May 23, deemed significant by Bloomberg ETF analyst James Seyffart. Seyffart downgraded the likelihood of SEC approval for ETFs from 50% to 35%, citing a prolonged period of regulatory silence and increased political pressure on SEC Chair Gary Gensler.
Eric Balchunas, another Senior Bloomberg ETF analyst, echoed Seyffart's sentiment, indicating decreasing optimism regarding the approval of Ether ETFs. He highlighted a perceived reluctance from the SEC and mounting political resistance as contributing factors.
Despite prevailing skepticism among ETF analysts, Ethereum proponent Anthony Sassano remains optimistic. He points to the SEC's past approval of Ether futures ETF products and a recent meeting involving the regulator, Grayscale, and Coinbase as indicators that approval remains possible.
However, despite Sassano's optimism, Seyffart now anticipates that all Ether ETF applications will likely face denial by the SEC on May 23, marking a significant setback for Ethereum ETF proponents.
In conclusion, the SEC's decision to delay the verdict on Galaxy's Ethereum ETF highlights ongoing regulatory uncertainty surrounding cryptocurrency ETFs, with analysts divided on the likelihood of approval.
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