The U.S. Securities and Exchange Commission (SEC) has delayed considering an application for a spot Ethereum (ETH) ETF, proposed by Invesco and Galaxy Digital.
The SEC said it would initiate proceedings to determine whether to approve or deny a proposed rule change allowing the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. Opening the proposed investment vehicle to public comment will push the decision deadline to 35 days after publication in the Federal Register.
Previously, in December 2023, the SEC had already postponed a decision on Invesco Galaxy’s application. At that time, a more extended period was needed to examine the proposed rule change. This will allow the Chicago Board Options Exchange (CBOE) to list and trade shares of the firm’s mutual fund called the Invesco Galaxy Ethereum ETF.
Other authors of applications to launch spot Ethereum ETFs also faced the postponement of deadlines. This included applications for the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Despite the postponement of the date for consideration of applications, experts believe that the tool will be approved in the near future.
Amid expectations for the approval of spot Ethereum ETFs in the United States, CoinGecko experts also studied the global market for similar products. They found that Europe and Canada account for nearly 98% of the $5.7 billion Ethereum ETF market.
