It is still a matter of speculation when the Securities and Exchange Commission (SEC) of the United States will approve the trading of Ethereum ETFs.
Final Set of S-1 Modifications for Ethereum Spot ETFs
The securities regulator received eight registrations after demanding that applicants submit their S-1 amendment filings. BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco submitted these disclosures. SEC Chairman Gary Gensler reaffirmed that the Ethereum ETF’s approval process is proceeding without hiccups.
It was mentioned in the screenshot that ETFstore President Nate Geraci highlighted that the most recent batch of S-1 modifications was instead “light.” Because of this, the Commission is likely to let applicants know when trading will start very soon.
Fwiw, sources close to spot eth ETF filings…
“B/c last round of S-1 revisions were so light, SEC could contact issuers at any point w/ date as to when funds can launch.”
“Timeline to launch is not clear, but we reasonably expect it would be in next 2-3 weeks.”
via @strack_ben pic.twitter.com/rhGtISVTEp
— Nate Geraci (@NateGeraci) June 26, 2024
If this is the case, Spot Ethereum ETF applicants might be okay with making any significant changes to their proposed regulation change. This is because the SEC may only have a few more remarks, if any.
The SEC now has the “ball in its court.” According to the source in Geraci’s screenshot, the approval should come through in the next two to three weeks.
Approval of Spot Ethereum ETF Trading in July
This is consistent with analysts’ predictions earlier in the week that the approval may occur, either before July 2 or July 4. Geraci stated a few days ago that the next two weeks will be significant for the cryptocurrency market.
Hunter Horsley, the CEO of Bitwise, was among those who expressed the possibility of an approval by July 4. He said everyone should “keep an eye on Bitwise Invest tomorrow,” implying that he would make a significant statement. Something interesting: Bitwise ultimately submitted its S-1 modifications ahead of many other applicants.
Currently, most spot Ethereum ETF applicants might need to choose their sponsor fee—a topic they are trying to avoid.
The only two that have disclosed their fees are Franklin Templeton and VanEck, who set them at 0.19% and 0.20%, respectively. VanEck, on the other hand, just decided to use zero fees to get a possible spot in Ethereum ETF. The waiver would be in effect until the assets reach $1.5 billion or for an indefinite period until 2025.
