The SEC has decided to extend the deadline until February 6, 2024 to approve or reject the Invesco Galaxy Ethereum ETF application.
Cboe BZX Exchange recently filed a proposed rule change with the Securities and Exchange Commission (SEC) regarding the listing and trading of the Invesco Galaxy Ethereum ETF.
SEC Implements New Deadline
The proposal was published in the Federal Register on November 8, 2023, for public comment.
However, the filing states that the SEC must take action within 45 days after notice of the proposed rule change is published.
This expansion allows for more thorough scrutiny of proposed rule changes. This will ensure sufficient time to consider issues raised during the public comment period.
The significance of the Invesco Galaxy Ethereum ETF is that a potential listing and transaction for Cboe could have far-reaching implications for investors and the broader market.
However, on December 6, BeInCrypto reported that the SEC had delayed its decision on Grayscale’s Ethereum ETF. The deadline for grayscale products is January 25, 2024.
Read more: How to Buy Ethereum (ETH) with Credit Card: Step-by-Step Guide
Other Asset Management Companies Joining the Ether ETF Competition
Those who are interested can view the opinions submitted during the public comment period on the SEC’s official website.
The SEC’s extension of the review period aims to strike a balance between promoting innovation and ensuring investor protection. February 6, 2024 is an important date in the cryptocurrency community. The SEC expects to issue a decision or initiate additional proceedings regarding the rule changes proposed by the Cboe BZX Exchange.
This comes amid recent news that BlackRock, the world’s largest asset management company, has also applied for an Ethereum ETF. On November 16, BeInCrypto reported that BlackRock had applied for an Ethereum ETF with the US SEC.
However, major asset management firms such as ARK Invest and its partner 21 Shares already applied for a spot Ethereum ETF in September.
Read more: Optimism Vs. Arbitrum: Ethereum Layer-2 Rollup Comparison
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