Spot Ethereum ETF trading could be closer than expected. This projection comes after the United States Securities and Exchange Commission (SEC) returned the S-1 amendments that prospective issuers submitted about a week ago.
SEC Expects Refiled S-1 Amendments by July 8
The S-1 feedback was expected to come about two weeks ago but after some delays, it is finally here. The forms included light comments from the regulator which issuers are required to address. Potential spot Ethereum ETF issuers have until July 8 to refile their amendments.
Some people who are familiar with the matter believe that this may not be the final phase before the proposed rule change goes public. They are confident that there will be one more round before the securities regulator finally greenlight the Ethereum ETFs for trading. Nate Geraci, Co-founder of ETF Institute says issuers would need to file fresh amendments based on the feedback received.
Noteworthy, the submission of the S-1 registration marks the second phase in the two-step application process for an ETF to go live. The first step was the submission of 19b-4 forms from VanEck, BlackRock, Fidelity Investments, Grayscale Investments, Ark 21Shares, Invesco Galaxy, Franklin Templeton, and Bitwise which was approved in May.
The S-1 forms decisions are not bound by any deadline but are highly dependent on how fast or slow the SEC decides to go about it.
Spot Ethereum ETF Trading May Come This Summer
Many market analysts and experts including Senior Bloomberg ETF analyst Eric Balchunas believed that the trading approval would come before July 4. However, the existence of another round of filing does not make these speculations feasible. Receiving approval may not come until another few weeks, depending on when the SEC requests the final filings.
On the other hand, the approvals may come around the time that SEC Chairman Gary Gensler hinted at. Notably, he once suggested that the Ethereum ETF approvals may come “sometime over the course of this summer” although he was not specific about any clear timeline.
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