According to ChainCatcher, sources said that Ethereum ETF issuers are waiting for the SEC to provide details about the final documents.
A source at an issuer said: "The next step is to wait for the SEC's feedback to see what to do next. Do they need a final draft? When do they need it?" They pointed out that the SEC's next feedback will be of great reference value.
After the issuer’s Form 19b-4 was approved in May, they have been going back and forth with the SEC on the second part of the two-step process: Form S-1. Unlike the first form, Form S-1 does not have a deadline to become effective, but it still needs to be filed before the ETF can officially go live. The SEC has provided multiple rounds of comments to the issuer on the revised form, each of which takes several weeks. However, the issuer is beginning to hope that the process may be nearing its end.
A source at another issuer said: “The SEC is continuing its review and we appear to be getting closer to final approval. We expect one more final filing, but the timing is unclear.”