The United States Securities and Exchange Commission (SEC) has delayed its decision on whether to approve applications from several asset management firms for Ethereum exchange-traded funds (ETFs) till May 2024.
According to several filings, the securities regulator has issued delay orders for Ethereum ETF applications from Ark Invest/21Shares, VanEck, and Hashdex.
SEC Extends Deadline For 3 ETH ETFs
Ark Invest/21Shares, VanEck, and Hashdex filed to launch Ethereum ETFs in September. While the VanEck and Ark Invest/21Shares products are designed to track the spot price of ether (ETH), Hashdex is looking to launch a mixed fund, combining spot and futures price movements.
The SEC said it is instituting proceedings to determine whether to approve or disapprove the proposed rule change that would enable the shares of the products to be listed. The filings are now open to public comments and will remain so for 35 days after the applications are published in the Federal Register.
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the SEC stated.
Bloomberg analyst James Seyffart said the Commission’s latest move has extended the final date for the approval or disapproval of the proposals to May 2024, although the delay orders for VanEck, Ark Invest/21Shares, and Hashdex were due by December 25, 26, and January 1, respectively.
Invesco and Grayscale Not Left Out
The new filings come shortly after the SEC extended the deadlines for Ethereum ETF applications from Invesco/Galaxy Digital and Grayscale Investments. The former is looking to launch a fresh spot Ethereum ETF, while the latter intends to convert its Grayscale Ethereum Trust (ETHE) into a spot product.
The agency’s initial decision for the Invesco Galaxy Ethereum spot ETF was scheduled for December 23; however, the delay has pushed the new date to February 4. On the other hand, Grayscale’s public comments period has ended, but the SEC decided to designate a longer time to determine if the proposed rule change would be approved.
Meanwhile, the crypto community anticipates the approval of about 13 applications for spot Bitcoin ETFs by January.
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