A recent development surfaced regarding the launch of a spot Ethereum ETF in the United States. According to reports, at least one issuer is expected to receive S-1 feedback from the Securities and Exchange Commission (SEC) this week.
Spot Ethereum ETF Takes a Step Closer Towards Launch
Taking to the social media platform X, Nate Geraci, Co-founder of ETF Institute says issuers would need to file fresh amendments based on the feedback received.
Fwiw, at least one prospective spot eth ETF issuer anticipating SEC comments back on S-1 this week…
Issuers would then file another round of amendments based on those comments.
via @Timccopeland pic.twitter.com/WB1VQcmbh0
— Nate Geraci (@NateGeraci) June 11, 2024
As a reminder, eight issuers including VanEck, BlackRock, Fidelity Investments, Grayscale Investments, Ark 21Shares, Invesco Galaxy, Franklin Templeton, and Bitwise were all approved for the spot Ethereum ETF product in May.
Subsequently, they filed a Form S-1, their registration statement for the product with the SEC. However, they have been awaiting the regulator to comment on their S-1 filings. While this was earlier anticipated on June 7, one source said comments would come this week, before a potential spot Ethereum ETF trading approval.
Notably, the SEC Form S-1 is the first registration form for new securities required by the SEC for public companies based in the US. Form S-1 requires companies to provide information on the planned use of capital, details of their current business model, and fees. Investors can view S-1 filings online to perform due diligence on new offerings prior to their issue.
SEC’s Opinion
The SEC chairman, Gary Gensler disclosed in an earlier report from Crypto-Vanguard that the regulator is prepared to clear the eight issuers as quickly as possible. Nonetheless, he emphasized that they will need to answer some queries before a final decision is made.
While all eyes are set to see if the SEC will comment on the S-1 filings this week, ETH is experiencing a notable decline in its price. Within the past day, ETH decreased by 4.3% to trade at $3,515, with the market cap pegged at $422 billion. The trading volume, however, increased by 83% to $16 billion, demonstrating increased buying pressure.
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