SEC Postpones Deadline to Make Decision on Grayscale Ether Spot ETF
The U.S. Securities and Exchange Commission has delayed its decision to approve or deny an Ether exchange-traded fund (ETF) application (ETH) spot offered by asset manager Grayscale.
In an announcement dated December 5, the SEC said he declared This would create a longer period for approval or rejection of the proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. The Commission’s announcement was one of the first following the Court of Appeals’ October decision ordering the SEC to review the proposed Bitcoin ETF (Bitcoin) Grayscale.
“The Commission considers it appropriate to set a longer period for deciding on the proposed regulatory change in order to have sufficient time to consider the proposed regulatory change and the issues raised therein.”SEC said. “Accordingly, the Commission […] Designates January 25, 2024, as the date by which it must approve or reject the proposed regulatory change or initiate an action to determine whether to reject it.”
Sharing a tweet about X – James Seyffart (@JSeyff) December 5, 2023
Update: As expected, Ethereum trust application has been postponed @Grayscale. The due date was 6/12/23, so this is completely normal. pic.twitter.com/I6LXMZIGGN
Update: As expected @Grayscale‘s Ethereum trust application has been postponed. This is completely normal since the due date is 12/6/23. pic.twitter.com/I6LXMZIGGN
— James Seyffart (@JSeyff) December 5, 2023
While the SEC has green-lighted investment vehicles tied to crypto futures, it has never approved a BTC or ETH spot ETF for listing in the US. Bloomberg ETF analyst James Seyffart said the commission decides to allow spot BTC ETFIt can proceed with the simultaneous approval of more than one fund.
Grayscale for the first time filed an application with the SEC Grayscale will convert its Ethereum Trust’s shares into the Ether Spot ETF in October, adding its name to the list of companies awaiting a decision from the regulator. At the time of publication, spot cryptocurrency ETF queries included BlackRock, Hashdex, ARK 21Shares, Invesco Galaxy, VanEck, and Fidelity.
