- The US SEC has set the next expiration date for the Invesco Galaxy Ethereum Spot ETF to July 5, 2024.
- The US SEC recently postponed several Spot Ether ETFs, including Grayscale, Franklin Templeton, VanEck, and BlackRock.
On Monday, May 6, 2024, the U.S. Securities and Exchange Commission (SEC) announced its intention to postpone the deadline for approval or disapproval of proposed rule changes for the listing and trading of Invesco Galaxy Ethereum ETF shares. In particular, Cboe BZX Exchange applied to list the Invesco Galaxy Ethereum ETF with the US SEC on October 20, 2023.
“The Commission will specify a longer period for issuing orders approving or disapproving proposed rule changes to allow sufficient time to consider the proposed rule changes and the issues raised therein. The Commission therefore designates July 5, 2024 as the date for approving or disapproving the proposed rule change.'' I got it.
The US SEC considers Ethereum to be a security.
as CryptoNewsflash previously pointed out, approval of Spot Ether ETFs in the US has stalled as the SEC continues to maintain its position that Ethereum is a security. Simply put, the US SEC will most likely deny approval of the Spot Ether ETF later this month.
Additionally, the US SEC continues to maintain that Ethereum is a security asset under the Howie test. The agency faces significant resistance, led by ConsenSys, which recently filed a lawsuit claiming that Ethereum is a global computing platform and not an investment scheme. As a result, ConsenSys believes that Ethereum is a commodity similar to Bitcoin and gold.
According to John Reed Stark, a senior legal lecturer and former head of internet enforcement at the SEC, in written testimony before the US House of Representatives Committee on Financial Services on Tuesday, the US SEC is legally targeting crypto investors in a predatory manner. It is said that it protects them from acts.
Unwavering Bitcoin demand
Demand for Bitcoin (BTC) has continued to increase significantly in recent days following the approval of spot BTC ETFs in Hong Kong and the United States.As a crypto news flash I got it.Grayscale's GBTC recently recorded its first capital inflow since approval, ending its losing streak.
Bitcoin’s fourth halving is already being felt amid rising demand, and crypto analysts are confident the flagship coin will generate a new ATH in the coming weeks. Furthermore, the US Federal Reserve (Fed) is expected to lower interest rates by the end of the year.
Direct impact on ETH price fluctuations
Amidst the anticipated altcoin season, speculation regarding Ethereum's price trend is increasing. The large-cap altcoin, with a fully diluted valuation of about $368 billion and a total locked-up of more than $55 billion, has rallied about 3% over the past week and was trading at about $3,070 on Monday. There is.
From a technical perspective, if Ethereum price can stabilize and close above $3,380, it will aim for ATH in the coming weeks. Additionally, the daily 50 MA has been acting as a strong resistance level for the past few weeks.
