SEC Delays Invesco’s Proposal
The US Securities and Exchange Commission (SEC) has postponed its decision on Invesco Galaxy’s Ethereum Spot ETF proposal. This delay adds to the uncertainty in the crypto market.
Invesco’s ETF Proposal
In October 2022, Invesco Galaxy proposed an ETF that would track the spot price of Ethereum. The ETF aims to hold ETH units with a custodian.
SEC’s Decision
The SEC has requested additional time to review the proposal. The agency has given itself 60 more days to approve or disapprove the ETF. The final decision is now expected by July 5, 2024.
Other Delayed ETF Proposals
Invesco Galaxy is not the only company facing delays. Blackrock’s Spot Ethereum ETF proposal was also delayed in March. These delays have raised concerns within the crypto community.
Pessimism from Crypto Figures
Unlike Bitcoin, Ethereum Spot ETFs have faced skepticism from top crypto figures. Tron Founder Justin Sun believes that an Ethereum ETF will not be approved by May 31.
Current Outlook
The odds of ETH Spot ETFs being approved have dropped significantly from 76% in January to 12% currently.
