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SEC Delays Invesco Ether Spot ETF Application
Analyst: Completely within expectations
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on whether to approve the Invesco Galaxy Ethereum ETF. In a document, the SEC stated that initiating additional review procedures now is appropriate due to the potential legal and policy issues that the approval decision for the Ether ETF may pose.
The agency has already delayed multiple proposals for Ether spot ETFs, including the one submitted by Grayscale Asset Management last month. In its decision to delay the Invesco Galaxy Ethereum ETF, the SEC raised similar concerns as those brought up in the Grayscale proposal, including the “Ethereum proof-of-stake mechanism” and the “centralized control by a few individuals or entities.” The SEC believes that these issues make the Ether spot ETF vulnerable to fraud and market manipulation.
Regarding this delay decision, Bloomberg analyst James Seyffart stated that it was completely within expectations and predicted that the SEC would continue to delay applications for several similar ETFs in the coming months. However, Seyffart emphasized that the only significant reference date for the Ether spot ETF currently is May 23rd, as it is the final decision date for the Ether ETF application submitted by VanEck.
There are currently various perspectives on when the SEC will approve the Ether spot ETF. In addition to the aforementioned May 23rd date, investment bank TD Cowen previously predicted that the Ether spot ETF may not receive approval until late 2025 or early 2026.
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