As an experienced analyst, I have closely followed the developments surrounding the application of various entities to launch a spot Ether Exchange-Traded Fund (ETF) in the United States. The latest news that the Securities and Exchange Commission (SEC) has delayed its decision on Galaxy Invesco’s application is not surprising given the trend we’ve seen over the past few months.
The SEC has postponed making a final call on Galaxy Invesco’s request to launch an ETF based on Ethereum (ETH) spots.
The SEC extended its decision-making timeline regarding Galaxy’s ETF by an additional 60 days, pushing the final deadline to July 5.
The SEC decided to give itself more time to review the proposed rule change thoroughly, including the concerns raised, before making a final approval or disapproval decision.
As an analyst, I’ve observed that the Securities and Exchange Commission (SEC) has held off on making decisions regarding Ether Exchange-Traded Fund (ETF) applications from eight prospective issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares. This development aligns with my expectations based on recent trends.
The application deadline for VanEck’s Ether ETF approval is on May 23rd, according to Bloomberg ETF analyst James Seyffart in his March 20th post, making it the most significant deadline to keep in mind.
As a researcher, I’ve revised my estimation of the SEC’s likelihood of approving the proposed ETFs from a 50% chance to a more cautious 35%. My confidence in VanEck’s application being successful by the deadline has waned.
During a conversation with CryptoMoon on March 12, Balchunas pointed out that the prolonged absence of communication from the SEC towards prospective fund issuers and the growing political pressure against SEC Chairman Gary Gensler were significant factors reducing the chances of approval.
According to Seyffart, his earlier cautiously optimistic view regarding the Ether ETF approval process has shifted. By March 20, he anticipates that each application for an Ether ETF will likely face rejection from the SEC come May 23.
As a crypto investor, I’ve heard the general consensus among ETF analysts that Ethereum ETFs may not be approved by the regulatory body in time for VanEck’s deadline. However, Ethereum advocate Anthony Sassano has expressed his confidence that he still holds conviction in the possibility of approval.
Last year, the agency granted approval for Ether futures ETFs, an action that Sassano pointed to as a potential indication of the SEC’s openness to similar applications from crypto asset management firms like Grayscale and crypto exchanges such as Coinbase. During a March 9 meeting, these entities met with the regulator, providing another reason why the SEC might still be considering the approval process for their applications.
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2024-05-07 03:22