๐Hey there, Bitcoin enthusiasts!๐ The US Securities and Exchange Commission (SEC) is playing hard to get again, postponing its decision on the proposed Invesco Galaxy spot Ethereum exchange-traded fund (ETF) for the third time. ๐ฐ๏ธTick tock, the clock is ticking, with the final decision now due by July 5. ๐
The SEC is taking its sweet time, announcing on May 6 that it needs another 60 days to mull over the Invesco Galaxy spot Ethereum ETF. This isn't the first time they've hit the snooze button - the agency first delayed the decision in December 2023 and extended it again in February 2024. ๐คทโโ๏ธ
The Invesco Galaxy Ethereum ETF proposal was first filed with the SEC on Oct. 20, 2023, and published in the Federal Register on Nov. 8, 2023. The SEC has a total of 240 days from publication to make a final decision, which, according to the latest announcement, is now set for July 5, 2024. ๐
But it's not just Invesco Galaxy in the waiting room - BlackRock, Fidelity, VanEck, and Grayscale are also twiddling their thumbs, with VanEck being the first to await the SEC's final decision on May 23, 2024. ๐โโ๏ธ
Meanwhile, the buzz around a possible approval of a spot Ethereum ETF seems to be fizzling out, with Bloomberg ETF analyst Eric Balchunas stating that the odds of the SEC approving such a product in May is 25%. ๐
So, Bitcoin fans, keep your eyes on the prize and stay tuned for more updates! ๐ฏ๐ฒ