A final decision on the US spot Ethereum ETF will be made in the coming weeks, said Nate Geraci, president of The ETF Store.
Where to spot this ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
According to the expert, issuers will have until July 8, 2024, to amend their S-1 forms to approve this product. After reconsideration, the US Securities and Exchange Commission (SEC) will issue a verdict.
The regulator may need several days to make a final decision, Geraci added. Presumably, the final S-1 applications could be approved by July 12. This means that the Ethereum-based ETFs will be launched on July 15, the expert said in a statement.
In late June, the SEC returned potential Ethereum ETF issuers’ S-1 filings asking for revisions. The deadline for revisions was set for July 8.
The S-1 filing is part of the process to launch crypto ETFs. In the first round of review, the SEC has approved issuers’ 19b-4 forms ahead of a key deadline in May 2024.
In turn, SEC Chairman Gary Gensler said that the process of launching Ethereum-ETF is “going smoothly.” In his opinion, Ethereum-based exchange-traded funds will be approved by September 2024.
The heads of the issuing companies are talking about earlier dates for the launch of this product. According to them, the negotiations are approaching the final stage, so the documents will be approved already on July 4.
Meanwhile, the Gemini exchange has forecast a net capital inflow of $5 billion into spot Ethereum ETFs during the first six months of trading. In turn, this process could lead to significant growth of the asset.
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Source: Cryptocurrency
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