As a researcher with a background in cryptocurrencies and exchange-traded funds (ETFs), I’m excited about the progress being made towards the approval of spot Ethereum ETFs in the United States. The recent scheduling of a date for S-1 refiling by the Securities and Exchange Commission (SEC) is a significant step forward.
The SEC’s announcement brings Ethereum ETFs one step closer to approval as they plan to refile the S-1 forms.
Crucial Date To Watch
Nate Geraci, President of ETFStore, announced that the SEC has provided feedback, in the form of minor remarks, on the amended S-1 applications for Ethereum spot ETFs.
As a crypto investor, I understand that potential ETF issuers are required to respond to the SEC’s comments and refile their registration by July 8. It’s important to note that there might be another round of review before the SEC approves spot Ethereum ETF trading. After addressing the regulatory comments and resubmitting their applications, issuers will need to wait for the SEC’s final approval.
Some addn’l detail on spot eth ETF approval timeline…
Issuers have been asked to submit S-1 amendments by July 8th.
There would still be one more round of filings after that before ETFs can start trading.
“Never ceases to be a winding path.”
via @Timccopeland
— Nate Geraci (@NateGeraci) June 29, 2024
As a researcher, I’ve noticed that several market analysts, including those at Bloomberg ETF such as Eric Balchunas and James Seyffart, had anticipated the implementation of the proposed rule change by July 4. However, upon re-examining the schedule for refiling, it appears that the initial estimate is no longer feasible.
I’ve been following the developments of the Ethereum ETF applications closely, and as of now, firms such as VanEck, BlackRock, Fidelity Investments, Grayscale Investments, Ark 21Shares, Invesco Galaxy, Franklin Templeton, and Bitwise have all received the green light from the Securities and Exchange Commission (SEC) to list their respective spot Ethereum ETF products. However, these companies will need to wait a minimum of two more weeks before they can officially begin trading these new investment vehicles.
According to Gary Gensler’s previous comments, the Ethereum ETF product’s launch timeline is consistent with his earlier mention of approvals for offerings like Ethereum ETF typically happening “somewhere over the summer” this year. The Chairman of the Commission didn’t provide a specific date but gave a general idea that we can expect such approvals within the summer season.
The approval procedure for a spot Ethereum ETF is progressing without issue, making it unlikely that potential issuers need to be concerned.
Spot Ethereum ETF In Final Stages
As a crypto investor, I’ve noticed that many Ethereum ETF hopefuls are actively gearing up for potential SEC approvals. While we wait for the final go-ahead, they’re making necessary preparations to launch their offerings.
On June 25th, VanEck submitted a registration form (Form 8-A) to the U.S. Securities and Exchange Commission (SEC) as part of the preparations for launching an ETF product. This form enables issuers to begin trading their ETF on an exchange. Similarly, 21Shares has recently filed a Form 8-A for its Spot Ethereum ETF application with the SEC, which strengthens its position within the ETF market.
Both Franklin Templeton and VanEck have announced their management fees for their respective crypto products. Franklin Templeton has set the fee at 0.19%, while VanEck has declared that they will not charge any fee from the start.
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2024-06-29 18:22