As a researcher with a background in finance and experience following the cryptocurrency market, I’m excited about the potential approval of spot Ethereum ETF trading. Gary Gensler’s recent statement suggesting that the process is going smoothly is a positive sign. However, we have been here before, and it’s important to remember that previous approvals did not immediately lead to trading.
It’s possible that an Ethereum ETF could begin trading imminently based on Gary Gensler’s recent comments regarding the approval process.
SEC Working on Spot Ethereum ETF Trading Approvals
According to reports, Gary Gensler, the head of the US Securities and Exchange Commission (SEC), has indicated that the review procedure for an Ethereum exchange-traded fund (ETF) is progressing in a satisfactory manner.
As a crypto investor, I’d interpret this news as follows: Although Gensler’s comment about potential approval during summer doesn’t hold significant weight just yet, his statement implies that the SEC is actively reviewing applications from cryptocurrency companies. This proactive approach could potentially lead to more clarity and regulation within the crypto space, which is a positive sign for long-term investors.
Over a month has passed since the securities regulatory body gave its approval for eight Ethereum ETF proposals.
The SEC has given its green light to the 19b-4 filings submitted by VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. However, despite these approvals, trading has not yet commenced. The issuers are required to make amendments to their S-1 registration statements before receiving final approval from the SEC.
S-1 Amendments from Issuers Received
I’ve analyzed the recent developments in the U.S. regulatory landscape for Ethereum spot ETFs. Specifically, all eight filers have submitted S-1 amendments, which include more detailed information about sponsor fees and initial investments from institutions like Bitwise and Fidelity. These amended filings provide greater transparency into the inner workings of these proposed ETFs.
As a diligent researcher, I closely examined Fidelity’s recent filing update on Bloomberg. To my surprise and disappointment, I noticed an important piece of information missing: the disclosure of a sponsor fee.
As a crypto investor, I’ve noticed that the recent filings from Bitwise and BlackRock didn’t disclose information about their sponsor fees. It seems like they’re following a different approach compared to Franklin Templeton and VanEck, who have openly shared their fees at 0.19% and 0.20% respectively.
VanEck has taken another significant stride by filing the 8-A Form for its proposed Ethereum spot ETF, bringing them closer to Securities and Exchange Commission (SEC) approval. The 8-A form signifies an essential stage in the creation of any Exchange-Traded Fund (ETF), representing advancement towards potentially launching a spot Ethereum ETF.
As a crypto investor, I’m keeping a close eye on the developments regarding the approval of the Ethereum ETF. Analysts and experts remain hopeful that it will be granted during the first week of July. According to Bitwise CEO Hunter Horsley, we might even see the launch of spot Ethereum ETF trading before the Independence Day celebration on July 4. The coming days will provide us with more clarity on how long we’ll have to wait for this proposed rule change to become a reality.
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2024-06-26 00:04