VanEck submits form 8A for spot Ether ETF with disclosure of approval timeline

VanEck, an investment manager, took a significant step towards live trading by filing form 8-A for its spot Ethereum exchange-traded fund with the United States Securities and Exchange Commission (SEC) on June 25.
Senior Bloomberg ETF analyst Eric Balchunas speculated that spot Ethereum ETFs could be available for trading as soon as July 2, 2024, following the updated filing. Balchunas based his prediction on VanEck’s 8-A filing for its Bitcoin ETF, which was filed seven days before the fund was launched on the market.
Balchunas had previously predicted an early July ETF launch window, citing the lack of significant commentary from SEC staff on the ETF applicants’ S-1 filings. This lack of commentary suggested that the regulator had not identified major issues with the ETF offerings, potentially expediting the listing process.
However, SEC Chair Gary Gensler expressed a different sentiment, stating that listing Ethereum ETFs on stock exchanges could take months and may not happen until September 2024. Gensler attributed the timeline to the applicants’ response times.
The approval of a spot Ethereum ETF in the United States came as a surprise to many and marked a departure from the policies of the current administration, as suggested by Balchunas. The 2024 election year has brought cryptocurrencies into sharper focus as presidential candidates aim to appeal to pro-crypto voters.
Roughly 52 million Americans hold crypto, making pro-crypto voters a significant voting bloc in American elections, according to the Stand with Crypto political action committee. The PAC announced that it had reached a significant milestone by garnering 1 million advocate signatures from the public.
To capitalize on the opportunities presented by the blockchain industry during an election year, several initiatives have been launched by industry executives to mobilize the voting public. This includes the Gemini exchange’s announcement that it would facilitate donations to pro-crypto candidates and the creation of the Bitcoin Voter Project, a Bitcoin education and awareness non-profit group.
The magazine also addressed the comparison between Bitcoin and Ethereum, suggesting that Bitcoin had become a worse version of Ethereum and exploring potential solutions.