Source: cryptoslate
Compiled by: Blockchain Knight
Steve Kurz, head of Galaxy Digital Asset Management, said the U.S. Securities and Exchange Commission (SEC) could approve a spot Ethereum ETF by the end of July and outlined the prospects for other Crypto ETFs.
On July 2, Kurz told Bloomberg that he expects a spot Ethereum ETF to be approved “within weeks,” meaning this month.
Kurz said Galaxy has been applying to the SEC for months, noting that the company’s upcoming spot Ethereum ETF will be similar to its existing spot BTC ETF (BTCO).
Galaxy's upcoming spot Ethereum ETF was created in partnership with Invesco. Kurz also expressed optimism about other spot Crypto asset ETFs being approved beyond Ethereum. He said legislation, including laws defining securities, is necessary, and he believes the process will happen even if Biden continues to be president.
Kurz highlighted the performance of the BTC ETF and the demand for it: “People want this; retail investors want this; investors want this.”
Two companies have recently proposed establishing SOL ETFs.
Kuiz said that although Galaxy Securities has a high exposure to Solana and is the largest validator of the blockchain, the approval of new crypto assets is more important than an ETF focusing on any single crypto asset.
He also believes that the establishment of the Solana CME futures market should be a prerequisite for the existence of a spot Solana ETF. Although there is no SOL futures market yet.
Galaxy’s expectations are consistent with the latest forecast from Bloomberg ETF analyst Eric Balchunas, who expects the spot Ethereum ETF to launch after July 8.
Balchunas said the SEC has given spot Ethereum ETF issuers until July 8 to amend their S-1 registration forms. He previously predicted that the funds would launch by July 2.
On May 23, the SEC approved a 19-b4 rule change that would allow each fund to be listed and traded on an exchange.
However, these approvals do not allow the asset management company to issue the fund. The asset management company is now waiting for their S-1 and S-3 registered funds to be approved, which will eventually allow them to launch an Ethereum ETF for trading.
