Ethereum spot ETF will have to wait a little longer!

The recent news about the Ethereum spot ETF has attracted widespread attention in the market. The U.S. Securities and Exchange Commission (SEC) officially approved Form 19b-4 for eight Ethereum spot ETFs on May 23. However, individual issuers are still completing the registration process because the S-1 form has not yet been approved, so it is not yet available. Start trading.​

Bloomberg ETF analyst Eric Balchunas, who used the application of well-known asset management company VanEck as a criterion, predicts that if the same process is applied to the Ethereum spot ETF, the Ethereum spot ETF may be launched as soon as around July 2.​

However, things changed again, and the SEC took an unexpected step in the approval process of the Ethereum spot ETF - returning the S-1 form to the issuer.​

SEC returns Form S-1 for amendments

According to people familiar with the matter, the SEC returned the S-1 form with some minor comments, and the issuer must amend and resubmit it before July 8, indicating that the final approval time of the Ethereum spot ETF may be moved to was later postponed, and at least one more round of filing is required before trading can begin.​

Although U.S. Securities and Exchange Commission Chairman Gary Gensler said last week that a spot Ethereum ETF may be approved this summer, the exact date has not yet been determined, but experts pointed out that "minor changes" indicate that there are no major issues with the content of the S-1 form, and Ethereum There is still a chance that spot ETFs will pass in July.​

Ethereum spot ETF issuers that are going through the review process include BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. According to Gary Gensler, the review process for the Ethereum spot ETF is under way. Goes smoothly.​

Currently, there is no specific deadline set for Form S-1, and the time it takes to pass depends on the SEC’s response and how quickly the issuer submits amendments.​

Investors' concerns

As the market is facing consolidation difficulties, investors are eagerly looking forward to the release of good news, which can lead to a downturn in the overall market. The SEC's return of the S-1 form also makes market participants worry that if the review process continues to be delayed, it may further crackdown on Ethereum and its related markets.

At the time of writing, Ethereum ($ETH) is trading at $3,488, up 3.9% in a single day.

Image source: CoinGecko

In the long term, the launch of the Ethereum spot ETF is expected to bring more liquidity and transparency to the market and further promote the development of Ethereum and the entire cryptocurrency market. Until then, however, market participants need to be patient and prepared for potential risks and uncertainties.