The U.S. Securities and Exchange Commission (SEC) has announced a postponement in its decision-making process regarding the Invesco Galaxy Ethereum exchange-traded fund (ETF).

In a filing released on Monday, the regulatory agency extended the timeline for its determination, setting the next deadline for July 5, 2024, to either approve or disapprove the proposed spot ether ETF.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” stated the agency.

This recent delay follows previous postponements by the SEC regarding the Invesco Galaxy Ethereum ETF, which had prompted a call for public comments back in February.

Additionally, the agency has similarly extended deadlines for other spot Ethereum ETF proposals, including those from Grayscale, Franklin Templeton, VanEck, and BlackRock, in recent weeks.

Optimism surrounding the likelihood of SEC approval for such products has waned in recent months. Bloomberg ETF analyst Eric Balchunas, for instance, has revised down his estimation of the probability of a spot Ethereum ETF approval by late May, dropping it from approximately 70% to 25%.