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Home » SEC comments cause delay in launch of Ethereum ETF
Ethereum

SEC comments cause delay in launch of Ethereum ETF

2024-06-29No Comments2 Mins Read
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SEC comments cause delay in launch of Ethereum ETF
SEC comments cause delay in launch of Ethereum ETF
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The anticipated launch of spot Ether exchange-traded funds (ETFs) in the United States, originally expected by July 2, has encountered a setback due to a decision by the U.S. Securities and Exchange Commission (SEC).

According to analysts Eric Balchunas and James Seyffart from Bloomberg ETF, the SEC has extended the review period for the S-1 forms submitted by potential spot Ether (ETH) ETF issuers. As a result, the launch is now projected for mid-July or later.

The SEC’s comments on the S-1 forms prompted a request for resubmissions by July 8. Balchunas indicated that this revised timeline could delay the debut of spot Ethereum ETFs until sometime between mid to late July. Nate Geraci, president of ETF Store, observed that the recent adjustments to the S-1 filings were relatively minor. He anticipated SEC clearance for trading within a timeframe of 14 to 21 days. Despite uncertainties regarding the exact timing, the SEC has hinted at a potential launch during the summer months.

Earlier predictions by Balchunas in June had suggested an early July window for the ETF launch, based on the lack of substantial feedback from SEC staff on the initial S-1 filings of the ETF applicants.

The process for Ethereum ETFs involves two key steps. The first step, completed in May, involved SEC approval of issuers’ 19b-4 forms. On May 23, the SEC approved 19b-4 filings from eight ETF applicants. In contrast to the 19b-4 forms, the S-1 forms do not have a fixed deadline, which means issuers must adhere to the SEC’s review timeline for clearance and approval.

SEC Chair Gary Gensler confirmed on June 26 that the approval process for spot Ether ETFs is proceeding smoothly. He noted that a rule change has been approved to allow major issuers like BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco to participate in the process. Additionally, issuers such as VanEck have filed 8-A forms in preparation for listing on exchanges by July 8. However, Gensler cautioned that the actual listing of spot Ether ETFs on stock exchanges may take several months and could potentially extend into September. He emphasized that the timeline depends largely on the responsiveness of the ETF applicants.

Source:
Eric Balchunas

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