Published on February 06, 2024 22:34 GMT+00:00edited on February 06, 2024 22:39 GMT+00:00

The Securities and Exchange Commission has pushed back the timeline for a decision on whether to approve or disapprove the proposed Invesco Galaxy Ethereum ETF.

The agency previously delayed a decision on the fund in December and on Tuesday said it was "instituting proceedings."

"Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change" the SEC said in a filing. 

The agency has pushed back deadlines for other spot Ethereum ETF proposals, including one from Grayscale Investments last month. On Tuesday, the agency asked similar questions it posed to Grayscale, including whether Ethereum's proof-of-stake mechanism and "concentration of control or influence by a few individuals or entities" could bring up unique …