Ethereum
US SEC Delays Launch of Spot Ethereum ETF, Returns S-1 Forms
The launch of Ethereum spot ETFs that experts such as Bloomberg ETF analysts Eric Balchunas and James Seyffart had predicted would occur next week has been further delayed by the U.S. Securities and Exchange Commission (SEC). The SEC has released some comments on the S-1 form filed by Ethereum spot ETF issuers, and a new filing is expected in the coming weeks.
SEC Comments Postpone Launch of Spot Ether ETF
The US SEC, in its latest comments, has asked spot issuers of Ethereum ETF to submit S-1 forms by July 8, according to people familiar with the matter. This means that the Ethereum ETF spot launch is delayed until mid-July or late July.
SEC Chairman Gary Gensler recently confirmed that the approval process for Ethereum Spot ETF is running well after issuers such as BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. Ether ETF issuers such as Van Eck have also filed Form 8-A for listing on the stock exchange by July 8.
The delay leaves Ethereum holders in limbo. ETFstore President Nate Geraci noted earlier that the latest round of S-1 reviews had been fairly “light” and that the regulator would likely allow issuers to trade within the next 14 to 21 days. While the exact timeline is unclear, the SEC has hinted at a potential launch this summer.
Read also: ETH/BTC pair eyes major breakthrough with Ethereum ETF on the horizon, what’s next?
Will ETH Price Drop Due to Delay?
Market participants criticized the SEC’s decision as Ethereum and the broader crypto market are already trading under selling pressure. The chances of an Ethereum ETF launching next week raised hopes for a new season as ETH/BTC price finally broke above the 365 simple moving average.
ETH Price fell more than 1% in the last 24 hours, with the price currently trading at $3,384. The 24-hour low and high are $3,363 and $3,467, respectively. Additionally, trading volume decreased by another 8% over the past 24 hours, indicating a decline in trader interest.
Read also : Ripple v. SEC – Judge Torres’ Doctrine Upheld, Secondary Sales of XRP Are Not Securities
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5,000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative technologies of the future. It currently covers all the latest updates and developments in the crypto industry.