According to a report from The Block, the U.S. Securities and Exchange Commission (SEC) has returned the S-1 form to potential issuers of an Ethereum ETF, requiring them to resubmit by July 8. Bloomberg ETF analyst Eric Balchunas also postponed the listing date for an Ethereum spot ETF to after July 8.
The SEC officially approved the 19b-4 form for eight Ethereum spot ETFs on May 23. However, for these products to commence trading, the S-1 registration statements submitted by issuers need to become effective. According to Bloomberg’s ETF analyst, it will likely take several more weeks at least. Initially optimistic forecasts suggested these Ethereum spot ETFs might be approved and listed by July 2, just before the U.S. Independence Day holiday.
(“VanEck Initiates Fee War, Ethereum Spot ETF Could Launch by July 2”)
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SEC Chairman Gary Gensler also indicated at last week’s Bloomberg Investing Summit that progress is smooth, but an exact approval timeline remains uncertain.
(“Gary Gensler: Ethereum Spot ETF Approval Progress ‘Progressing Well'”)
However, the S-1 is not bound by any specific deadline and is entirely dependent on the SEC’s review and approval speed. Sources suggest at least one more round of review is needed for it to become effective. Sources note that there are still additional details regarding the Ethereum spot ETF, indicating “it’s always a winding road” before ETFs can start trading.
Bloomberg’s ETF analyst Eric Balchunas has also pushed the listing date to after July 8. Given that many issuers have yet to disclose fees and tickers, it appears there will need to be a concerted effort to rush the listings post-Independence Day holiday!
S-1
SEC
Ethereum Spot ETF
Further Reading
U.S. SEC Sues ConsenSys, Targeting MetaMask and Ethereum Staking Services: Lido, Rocket Pool Impacted
Coinbase Sues SEC and FDIC: Allegations of Non-compliance in Providing Documents, Attempting to Squeeze Crypto Industry