According to Reuters, citing industry executives and other participants, the U.S. Securities and Exchange Commission (SEC) may approve an Ethereum spot ETF as soon as July 4. Negotiations between asset managers and regulators are currently in the final stages. .
Eight asset managers, including BlackRock, VanEck, Franklin Templeton and Grayscale Investments, are seeking SEC approval for the funds. Most of them have launched Bitcoin spot ETFs in January. Among them, Grayscale is again looking to convert existing trusts into ETFs.
Executives at both companies, who requested anonymity, said the process of revising the offering documents had progressed to the point where only a few minor issues had to be ironed out. The documents must be approved before the SEC can approve the launch of an Ethereum spot ETF.
A lawyer for one of the issuers said that it is currently in the final stages and may be approved in less than a week or two weeks.
The SEC declined to comment. SEC Chairman Gary Gensler said in an interview earlier this month that the rollout date depends on how quickly issuers respond to regulators’ questions.
Blockchain reported on the 26th that when Gary Gensler was asked at the Bloomberg Investment Summit on Tuesday "when will the Ethereum spot ETF be approved for listing?" he said: "I don't know the specific time, but the progress is going very smoothly."
Gary Gensler explained that the team is still waiting for disclosure information from fund operators, and pointed out that whether the registration statements of these ETFs can be effective depends on whether the disclosure by the asset management company is comprehensive enough.
The Bitcoin spot ETF, launched in January, has been one of the most successful products in the ETF market, attracting about $8 billion, according to Morningstar Direct. As of the end of June, the combined asset size of these nine new products was approaching US$38 billion, but at the same time, the size of the Grayscale Bitcoin Trust fell from US$27 billion to US$17.8 billion.
Many ETF and cryptocurrency analysts believe that the launch of a new Ethereum spot ETF will no longer be as impressive. "Ethereum has different market caps and different trading volumes," said James Butterfill, director of research at Coinshares. Ethereum prices have fallen more than 11% this month, and Bitcoin has also fallen 9.8%. Bitcoin’s movements often affect the price of Ethereum.
Morningstar ETF analyst Bryan Armor also said that since the market value and nature of the two cryptocurrencies of Bitcoin and Ethereum are different, when the Ethereum ETF is launched, the inflow of funds will be much milder. "There's demand that's been building for a decade, and investor interest is off the charts," he said, "but the same craze won't happen again."
The SEC has previously approved changes to regulations for the New York Stock Exchange, Nasdaq and the Chicago Board Options Exchange to list new products and conduct trading oversight. This means that once the SEC signs the documents, the product can start trading as soon as 24 hours.
〈Is the Ethereum spot ETF coming? ! News: The U.S. SEC will approve listing as soon as July 4th. This article was first published on "Blocker".
