As a seasoned crypto investor with a keen interest in following regulatory developments closely, I find the recent news regarding the SEC’s decision to delay its ruling on Invesco Galaxy’s spot Ethereum ETF proposal disheartening. The prolonged uncertainty surrounding Ethereum ETFs is frustrating, especially considering that Bitcoin ETFs were eventually approved earlier this year.
According to a recent filing, the SEC has announced plans to postpone its ruling on the Invesco Galaxy Ethereum SPOT ETF application submitted by Invesco.
The regulator has granted a 60-day extension for reaching a decision on the ETF proposal at hand.
As an analyst, I can paraphrase that last month, the Securities and Exchange Commission (SEC) postponed making a decision regarding the spot Ethereum Exchange-Traded Fund (ETF) proposals submitted by Franklin Templeton and Grayscale.
Based on a recent Reuters report, quoting industry sources, it’s anticipated that the SEC will reject the Ethereum ETF proposals from VanEck and ARK towards the end of this month.
According to industry predictions, it was anticipated that the Securities and Exchange Commission (SEC) would reject these Bitcoin ETF proposals because of insufficient engagement. However, this forecast proved incorrect on the brink of approving a Bitcoin ETF.
Industry experts believe that proposals for Ethereum Exchange-Traded Funds (ETFs) may be denied due to a technical rationale, with Matt Hougan from Bitwise suggesting that the Securities and Exchange Commission (SEC) could request for additional information before making a decision.
As a researcher, I’d like to point out that the Securities and Exchange Commission (SEC) is currently engaged in a legal dispute with Ethereum backer Consensys. In April, Consensys filed a lawsuit against the SEC, challenging its classification of Ethereum as a security. The company believes this labeling is incorrect.
Despite the uncertainty surrounding Ethereum’s classification as an unregistered security, Larry Fink, BlackRock’s CEO, expressed optimism about the possibility of introducing a spot Ethereum ETF.
The SEC held out on approving bitcoin Spot ETFs for over a decade before granting their approval early this year. These ETFs have since then achieved significant success. However, it appears that the regulatory body remains hesitant about endorsing Ethereum Spot ETFs at this time.
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2024-05-07 08:57