Step 1: Concept
The speed of electromagnetic waves in any medium is determined by the physical properties of that medium.
Step 2: Meaning
The velocity $v$ is given by the formula $v = \frac{1}{\sqrt{\mu\epsilon}}$, where $\mu$ is permeability and $\epsilon$ is permittivity.
Step 3: Analysis
Unlike mechanical waves, EM waves do not require a material medium, but their speed changes based on the electrical ($\epsilon$) and magnetic ($\mu$) constants of the space they occupy.
Step 4: Conclusion
Thus, the speed depends strictly on the permittivity and permeability of the medium.
Final Answer: (C)