The U.S. Securities and Exchange Commission said Tuesday it's pushing the deadline to decide on whether to approve Grayscale's proposed spot ethereum (ETH-USD) exchange-traded fund.

The timeline for a decision on the fund has been extended by 45 days to Jan. 25, 2024, according to an SEC filing.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the regulator said.

In October, Grayscale filed an application to convert its Grayscale Ethereum Trust (OTCQX:ETHE), launched in March 2019, to a spot ETF. Firms including Grayscale have also been seeking SEC approval for what would be the first-ever spot bitcoin (BTC-USD) trust in the U.S.

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