Bloomberg is changing its forecast for the approval of the spot Ethereum ETF on July 8. This is how the publication's senior ETF analyst Eric Balchunas responded to the news that the SEC sent back Form S-1 to Ethereum ETF issuers for revision during the latest round of negotiations.
Previously, we recall, Balciunas set for July 2.
According to #TheBlock, the forms were returned with little comment. And the regulator suggested re-submitting documents just before July 8th.
Nate Gerasi, president of investment advisory firm ETF Store, adds another source's words that "it's also possible it could happen later in July or later in the summer." But in his opinion it won't take that long.
Issuers are unlikely to delay finalizing the forms for so long. And if the comments from the regulator are small, then the documents after amendments may return to the SEC at the beginning of next week. The only question is whether the regulator itself will then show the same efficiency. Therefore, experts are probably betting on the launch of trading after US Independence Day.
What is more interesting now is that yesterday evening the SEC accused Consensys, Lido (#LDO), Rocketpool (#RKL) of violating securities laws. The SEC, in particular, sued the developer of the#MetaMaskcrypto wallet ConsenSys, accusing it of offering securities inside the wallet and operating as an unregistered broker.
According to the complaint, MetaMask made more than 36 million illegal transactions. At the same time, the regulator also noted their staking service in partnership with Lido and Rocketpool. From which ConsenSys received more than $250 million in commissions.
All this hit the prices of#LDOand#RKLsignificantly harder than the price of #ETH. But, ultimately, these corrections are more of a reason to buy more than to dump. The SEC's opinion is not a verdict until it is confirmed by a court decision. And the recent decision of the US Supreme Court limiting the ability of federal regulators to interpret laws is proof of this.
Consensys says it is confident in its position that the SEC has not been given the authority to regulate software interfaces such as MetaMask and will continue to do so.
The market continues to be pressured by negativity ahead of the launch of spot Ethereum ETFs. And this is a far cry from the positivity and euphoria that reigned in the days before the Bitcoin ETF was approved in January. This probably means that there will be no “sell on the news” after the launch of the Ethereum ETF.
ps: Moving away from the topic - what is interesting in this story is whether the SEC is now attacking the TrustWallet (#TWT) crypto wallet due to#ETHstaking and brokerage work. If so, there will be a chance for additional purchases of an asset whose value revaluation is likely to be sharp and BNB-style in the future.