Coinspeaker
SEC Delays Decision on Galaxy Spot Ethereum ETF, ETH Price Dips 3%

On Monday, May 6, the US Securities and Exchange Commission (SEC) delayed its decision over the approval of the Invesco Galaxy spot Ethereum ETF. In its filing, the SEC stated that the next deadline for the agency to consider would be July 5, 2024, for either approving/disapproving the spot Ether ETF.

The regulator stated:

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

Earlier in February, the SEC had also delayed making a move on the Invesco Galaxy Ethereum ETF while seeking public comments for the same. Previously, the securities regulator has also pushed back the deadlines for Ether ETF applications from Grayscale, VanEck, Franklin Templeton, etc.

On the other hand, the optimism for the spot Ethereum ETF approval has been waning in recent times. Bloomberg ETF analyst Eric Balchunas has revised down his estimation of the likelihood of a spot Ethereum ETF approval by late May from approximately 70% to 25%.

Ether (ETH) Price Dips 3.5%...