The U.S. Securities and Exchange Commission (SEC) has encouraged at least four spot Ethereum ETF issuers to submit paperwork for potential approval.

According to sources, three of the issuers have signaled that trading could begin as early as July 23. Following this green light, issuers are expected to begin filing S-1 registration statements this week. In May, the SEC took an important step for the crypto industry by approving exchanges' proposals to list products. However, a separate approval is needed to place these products on the market.

These funds, which will directly hold Ethereum, the second-largest cryptocurrency after Bitcoin, could see inflows of $4.7 billion to $5.4 billion within six months of their debut, according to a recent report from Citigroup. But the bank's researchers suggested that Bitcoin ETFs launched earlier this year may have had lower flows because investors seeking crypto exposure may have already invested.

To gain SEC approval, asset managers have to make some concessions regarding the process of earning rewards for maintaining the blockchain, called staking. For example, Fidelity stated that it would exclude from staking the Ethereum it purchased as part of the ETF.

Staking is a critical issue for Ethereum because it raises questions about whether the token should be considered a security. Last year, the SEC accused Coinbase of violating rules by offering staking services in a lawsuit.

Bitcoin soared after the launch of US ETFs in January, reaching a record high of almost $74,000 before paring its gains.

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I EXPLAIN IN DETAIL.

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