"It's fun to postpone this SEC, later when it's next year they suddenly want to postpone it until 2025."
The United States (US) Securities and Exchange Commission (SEC) appears to be delaying its decision on approving the spot Ethereum (ETH) ETF proposed by Invesco and Galaxy Digital.
This is because the SEC needs more time to determine whether or not to approve the proposed rule change that will allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy ETH ETF.
Crypto spot investing is suggested to be one of many to be considered by the SEC, where the US regulator has so far never approved any ETF or given direct exposure to BTC or other digital assets.
The string, set February 6, 2024 as the SEC's date to approve or not nor to initiate proceedings in determining whether to disapprove the proposed rule change.
It is well known that Invesco and Galaxy Digital have filed a spot ETH ETF application in September 2023 shortly after it reactivated its application for a spot BTC ETF in June this year.
According to the speculation of some experts, the simultaneous approval of funds from various firms could be triggered if the SEC decides to approve the spot BTC or ETH ETF, which is the most anticipated thing by many people.
There are several firms applying for spot crypto ETFs, among them BlackRock, Hashdex, ARK 21Shares, VanEck and Fidelity, so here can be seen a memo released by the SEC over the past 30 days showing several representatives of asset managers meeting with the SEC to discuss ETF offerings.
