SEC Postpones Yet Another Application for an Ether ETF

The spot ether {{ETH}} exchange-traded fund (ETF) that Invesco and Galaxy Digital jointly proposed was postponed by the U.S. Securities and Exchange Commission (SEC) on Tuesday, according to a filing.

Professional investors would be able to acquire direct exposure to spot ether through the proposed offering.

 If you are a regulated investor or fund in the United States, you may only wager on Ethereum's development through ether futures listed on CME.

According to James Seyffart, an analyst at Bloomberg Intelligence, the decision to wait was expected. "It was absolutely anticipated, and we can expect additional delays in the coming months," Seyffart stated. 

A request by Grayscale Investments to transform its Ethereum trust product (ETHE) into an exchange-traded fund (ETF) was postponed by the SEC in January. The application for an ether ETF by BlackRock was also postponed as a result.

Since ETF applications are anticipated to be granted in May, financial titans anticipate a 70% increase in ether price in the upcoming months.

Standard Chartered Bank predicted in a January letter that Ethereum prices will either match or surpass bitcoin (BTC) throughout the same period leading up to the anticipated clearance date on May 23.

According to the statistics, Ethereum (ETH) saw the largest increase among the majors in the last 24 hours, rising 2.2%.