Ethereum
Ethereum Spot ETFs Launch in 14 Days
There is still speculation about when the US Securities and Exchange Commission (SEC) would give its approval to Ethereum ETF spot trading.
Latest round of S-1 revisions for Spot Ethereum ETFs
After asking candidates to submit their S-1 Amendment Filings, the securities regulator received eight registrations in total. These deposits came from BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. Subsequently, SEC Chairman Gary Gensler confirmed that the approval process for Ethereum Spot ETF is going well.
In the screenshot shared by ETFstore President Nate Geraci, it was noted that the latest round of S-1 revisions were quite “light touch.” Consequently, the Commission should communicate to the candidates a start date for negotiations very soon.
Fwiw, sources close to spot eth ETF deposits…
“Because the latest round of S-1 revisions was so light, the SEC could contact issuers at any time to find out when the funds could be launched.”
“The launch timeline is unclear, but we reasonably anticipate it will be within the next 2-3 weeks.”
via @strack_ben pic.twitter.com/rhGtISVTEp
-Nate Geraci (@NateGeraci) June 26, 2024
If that is the case, Ethereum Spot ETF applicants may not need to worry about making major adjustments to the proposed rule change. Indeed, the SEC may only have a few additional comments, if at all.
Overall, the “ball is in the court” of the SEC right now. The source in Geraci’s screenshot stressed that approval is expected within the next two to three weeks.
Spot Ethereum ETF Trading Approved in July
This is still in line with analysts who had previously speculated that approval could come in the first week of July, either before the 2nd or the 4th. A few days ago, Geraci stressed that the next two weeks will be crucial for the crypto market
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Hunter Horsley, CEO of Bitwise is one of those who have suggested the likelihood of approval by July 4. He hinted at a major announcement, saying everyone should “keep an eye on Bitwise Invest tomorrow.” Something cool. Bitwise ended up filing its S-1 amendments, ahead of a few other applicants.
As it stands, most Ethereum ETF spot applicants may only need to decide on their sponsorship fees, a topic they are avoiding.
Only Franklin Templeton and VanEck have disclosed their fees, capping them at 0.19% and 0.20%, respectively. However, VanEck recently decided to adopt zero fees for its potential Ethereum spot ETF. The waiver would last indefinitely until 2025, or until assets reach $1.5 billion.
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