SEC Delays Decision on Invesco and Galaxy Digital's Ether ETF
Invesco and Galaxy Digital have proposed a spot Ether (ETH) exchange-traded fund (ETF), and the United States Securities and Exchange Commission (SEC) has recently extended the period for making a decision about whether or not to approve or disapprove of the proposal. It is clear that the Securities and Exchange Commission (SEC) will continue to exercise caution with regard to financial products that are based on cryptocurrencies.
On the Cboe BZX Exchange, the proposal in issue calls for the listing of shares of the Invesco Galaxy Ethereum ETF and the trading of such shares. Should it be authorized, this exchange-traded fund (ETF) would be among the very first of its type. It would provide investors with the opportunity to obtain exposure to Ether, the cryptocurrency that is responsible for powering the Ethereum blockchain, via a regulated financial instrument.
In the beginning, it was anticipated that the SEC would reach a ruling by the 23rd of December in 2023. However, in a notification that was sent on December 13, the Commission declared that it would need further time to consider the plan. As a result, the deadline was extended to February 6, 2024. The SEC is now able to conduct a comprehensive analysis of the effects that such a financial product would have on the market and the protection of investors thanks to this extension.
The resolution to prolong the assessment time brings to light the continuing discussions that the Securities and Exchange Commission is having over the incorporation of cryptocurrency products into the conventional financial system. Although the cryptocurrency community is anxious for such products, the Securities and Exchange Commission (SEC) has taken a cautious attitude because it is
Read more on blockchain.news
