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Another Ethereum ETF Decision Delayed by SEC

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Tue, 7/05/2024 - 5:39
Another Ethereum ETF Decision Delayed by SEC
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The U.S. Securities and Exchange Commission has moved to delay its decision on the Invesco Galaxy spot Ethereum ETF proposal, according to a recent filing. 

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The regulator has extended the period for approving or disapproving the ETF proposal in question for an additional 60 days. 

Last month, the SEC also punted its decision on spot Ethereum ETF proposals by Franklin Templeton and Grayscale.

According to a recent report by Reuters, which cites industry insiders, the SEC is predicted to deny Ethereum ETFs proposed by VanEck and ARK later this month. 

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Industry experts have predicted that the SEC was going to deny these ETFs due to the lack of engagement, which was not the case on the cusp of Bitcoin ETF approval

Spot Ethereum ETFs are likely to be rejected for a mechanical reason, according to industry analysts. Bitwise's Matt Hougan predicted that the SEC would say that it wanted to see more data. 

It is worth noting that the SEC is currently in the middle of a legal battle with key Ethereum backer Consensys. In April, Consensys took the regulator to court over its decision to "wrongly" label the leading altcoin as a security.

However, BlackRock CEO Larry Fink said that it was still possible to launch a spot Ethereum ETF even if the underlying cryptocurrency were to be classified as an unregistered security. 

It took the SEC more than a decade to finally approve spot Bitcoin ETFs earlier this year. The ETFs ended up being a big success, but it seems like the regulator is not ready to approve Ethereum ETFs. 

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