The post SEC Chairman Gensler Predicts Approval of ETH Spot ETF S-1 by End of Summer appeared first on Coinpedia Fintech News
Prospective spot Ethereum ETF issuers are awaiting the SEC’s comments on their S-1 filings, submitted on May 31. However, their wait might soon end. Reports suggest that SEC Chair Gary Gensler confirmed a potential approval of the S-1 filings for spot Ethereum by the end of summer, likely between June and August.
SEC Chair Teases S-1 Approval
In a recent update regarding spot Ethereum ETF, SEC Chair Gary Gensler hinted at a potential timeline for its approval. According to Fox reporter Eleanor Terrett, Gensler conveyed to Senator Bill Hagerty his expectation that the approval process for the ETF’s S-1 filing could conclude by the end of this summer.
NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
The SEC’s recent approval of 19b-4 forms for various Ethereum ETF issuers, such as VanEck and BlackRock, indicates a surge in crypto adoption. However, the S1 forms, necessitating comprehensive ETF details, are pending approval.
Anticipating feedback from the SEC, issuers previously expected comments on their drafts by June 7, as per insights from a source familiar with agency discussions. However, the issuers are still awaiting feedback, with expectations now set for the summer end. According to SEC Chair Gary Gensler’s statement on CNBC, approvals for the S-1 forms would require a considerable duration. However, it is expected that a final approval might come between June and August.
The S-1 forms represent the second phase in the two-step process to enable the spot Ethereum ETFs for trading. The initial step involved the approval of the 19b-4 forms, which occurred on May 23rd.
The preliminary filings disclose some key details: BlackRock is initiating its ETF with a $10 million seed, while Franklin Templeton seeks to begin trading with a 0.19% fee.