Ethereum ETFs are anticipated to debut in the U.S. this July, according to Bloomberg analyst Eric Balchunas. Balchunas updated his projection for the launch of spot Ether (ETH) exchange-traded funds, setting the over/under date for July 2. He mentioned that the U.S. Securities and Exchange Commission (SEC) staff had reviewed the S-1 filings and provided feedback that was deemed minor, with a request for responses within a week.
Furthermore, SEC Chairman Gary Gensler recently testified to Senator Bill Hagerty, expressing his expectation that the S-1 filings for spot Ethereum ETFs could be approved by the end of the summer. This news has sparked optimism within the industry, despite potential delays in the approval process.
Balchunas also highlighted that issuers of spot Ethereum ETFs were awaiting feedback from the SEC’s Division of Corporation Finance on their S-1 filings, leading to a delay in the approval process. This unexpected turn of events was due to a sudden political shift within the SEC, catching many by surprise.
Although there is uncertainty surrounding the timeline for approval, some experts believe that Ethereum ETFs may not generate as much interest as Bitcoin ETFs due to the lack of staking capabilities. SEC Commissioner Hester Peirce, a proponent of cryptocurrencies, has expressed concerns about the SEC’s treatment of Ethereum, noting the agency’s historical classification of Ether as a security.
The SEC’s approval process for Ethereum ETFs marks a significant milestone for the cryptocurrency industry. While the SEC has approved eight 19b-4 filings, trading cannot commence until the S-1 registration statements receive final approval. These statements provide detailed information about the ETF issuers and the securities they intend to offer.
As of the latest update, the price of Ethereum (ETH) stands at around $3,562.97, reflecting a 2.5% increase in the past 24 hours. Despite this uptick, the world’s second-largest cryptocurrency is down by 3.5% over the week, according to CoinGecko data. Investors and enthusiasts eagerly await the launch of Ethereum ETFs, anticipating a new era for the digital asset market.