Ethereum ETFs might launch before July 2 if SEC sends issuers S-1 comments

After Chair Gensler projected summer approval, Ethereum ETF issuers get SEC S-1 comments.

SEC Chair Gensler is unsure whether ETH is a commodity.

In the near term, Ethereum may range.
Ethereum (ETH) fell 1.4% on Friday. After the SEC commented on potential ETH ETF issuers' S-1 registration statements, a BlackRock official said Ethereum would host conventional market players' tokenization activities.

SEC staff sent potential spot ETH ETF issuers S-1 comments on Friday, according to Bloomberg analyst Eric Balchunas. Since the comments didn't propose substantial application modifications, the government expects issuers to alter and submit their S-1s in a week.

Balchunas said S-1s might be cleared by July 2 and trade the following day.

Following this, BlackRock's CIO of ETF and Index Investments, Samara Cohen, indicated permissioned blockchains won't grow in a Coinbase panel discussion on Thursday.

She told VanEck's Matthew Sigel that conventional market players are building atop open-source Ethereum to avoid fragmenting liquidity.

Ethereum may rebound after exchange outflows

"If you're serious about open-source, you can't not build on Ethereum," he said.

SEC Chair Gary Gensler seemed hesitant during a Senate hearing on Thursday when asked whether ETH is a commodity. Neither yes nor no was given again. At the same session, CFTC Chair Rostin Behnam maintained that ETH is a commodity. Gensler said the SEC would likely authorize spot ETH ETF S-1s this summer.

After spot ETH ETFs were approved under 19b-4, many believed the SEC was considering ETH a commodity. But Gensler's latest stance has raised concerns among crypto enthusiasts.

Despite enabling investors to buy spot ETH and BTC ETFs via Coinbase and Robinhood, The ETF Store President Nate Geraci was dissatisfied with the SEC's approval time.

VanEck filed for 1st place eth ETF in May 2021.

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