The US Securities and Exchange Commission (SEC) is apparently planning to approve spot Ethereum exchange-traded funds (ETFs) by July 4. This is subject to final disuss between regulators and investment firms.
After years of planning, the successful launch of spot Bitcoin ETFs in January was a big step forward for regulators. Now, many investment firms, including BlackRock and Grayscale, are waiting for SEC approval to start Ethereum-based ETFs. Grayscale plans to change its current Ethereum Trust into an ETF.
Ether ETF Approval Progresses With SEC’s Greenlight On Form S-1 Submissions
The SEC moved the approval process along on May 23 when it approved 19b-4 applications from eight people who wanted to start an ETF. However, asset managers are currently working on improving their Form S-1 submissions, which need to be approved by the SEC before ETF trading can start. Some companies, like Bitwise and Fidelity, have changed their forms and sent them again.
According to a Reuters story on Wednesday, executives from two companies said that the paperwork for the new ETFs is almost finished and that only a few small details need to be fixed before the launch.
A lawyer working for one of the producers was upbeat, saying that the company is almost done getting the ETFs ready for launch and hopes to get approval in the next few weeks.
Bloomberg ETF expert James Seyffart also said last week that spot Ether ETFs might start trading before Independence Day, which is in line with expectations.
SEC Chair Gary Gensler said at a Bloomberg conference on June 25 that the approval process was “going smoothly,” which meant that it was moving forward. He talked about how important it is for investors to have full information in the registration statements that are needed for ETF approval.
Gensler said, “What we have in front of us and what is done at the staff level are the registration statements and the disclosure statements.” “Once more, these discussions are very important.” They’re important for buyers who are choosing where to put their money.
As discuss between regulators and investment firms come to a close, the financial markets are getting more excited about the possible launch of spot Ethereum ETFs. These could give buyers more access to cryptocurrency markets through regulated investment vehicles.
