The U.S. Securities and Exchange Commission (SEC) has further postponed the introduction of the spot Ethereum ETFs, which analysts like Eric Balchunas and James Seyffart of Bloomberg ETFs said would happen next week. Spot Ethereum ETF issuers filed an S-1 form, and the SEC provided some feedback. A refiling is anticipated in the upcoming weeks.
SEC Remarks Delay Launch of Spot Ether ETF
According to persons acquainted with the situation, the U.S. SEC has requested that spot Ethereum ETF issuers submit their S-1 forms by July 8 in their most recent remarks. As a result, the debut of the spot Ethereum ETFs has been postponed until mid- or end-July.
SEC Chair Gary Gensler has reaffirmed that issuers like BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco have all been successful in getting the spot Ethereum ETF approved. VanEck and other Ether ETF issuers have also submitted Form 8-A to get listed on exchanges by July 8.
The delay has left Ethereum holders in limbo. According to ETFstore President Nate Geraci, the most recent wave of S-1 changes was rather “light,” and issuers should be cleared for trade by the regulator in the next 14–21 days. The SEC suggested a possible debut this summer, though the precise timing is unknown.
Will the Delay Cause ETH’s Price to Drop?
Since Ethereum and the larger cryptocurrency market are experiencing selloff pressure, market participants have questioned the action. As the price of ETH/BTC was finally breaking above the 365 simple moving average, the likelihood of an Ethereum ETF launching the following week sparked optimism for an alt season.
The price of ETH dropped by more than 1% in the last day, and it is presently trading at $3,384. $3,363 is the 24-hour low, and $3,467 is the 24-hour high. In addition, the trading volume has dropped by 8% throughout the past day, suggesting that traders are becoming less interested.
