VanEck files for spot Ether ETF, signaling near launch.
Eric Balchunas predicts Ether ETF trading by July 2.
SEC’s Gensler suggests Ether ETF might launch by September.
VanEck, a prominent investment manager, has officially submitted form 8-A for a spot Ether (ETH) exchange-traded fund (ETF) with the United States Securities and Exchange Commission. This crucial step indicates the ETF is nearing its potential introduction to the market.
VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we'll hear more soon.. https://t.co/2BlkDnWhrz
— Eric Balchunas (@EricBalchunas) June 25, 2024
Eric Balchunas, a senior Bloomberg ETF analyst, suggests that the spot Ether ETFs might begin trading as early as July 2. This estimate stems from VanEck’s similar timeline with its Bitcoin ETF, which launched seven days after its form 8-A filing. Balchunas highlighted the absence of significant comments from SEC staff on the ETF’s S-1 filings, which typically signals a smooth regulatory passage, potentially expediting the listing process.
Regulatory and Political Dynamics
Despite the optimistic forecast by Balchunas, SEC Chair Gary Gensler has a more conservative viewpoint. Gensler stated that the Ether ETFs’ appearance on stock exchanges could extend into September, emphasizing that the timeline largely depends on the response speed of the applicants.
This development coincides with increased political interest in cryptocurrencies due to the upcoming 2024 presidential election, highlighting crypto as a significant topic among voters.
According to the Stand With Crypto political action committee, a notable segment of the American electorate, approximately 52 million people, now hold cryptocurrencies, enhancing their influence in political arenas.
VanEck’s move to file for the ETF, coupled with the political undercurrents influencing regulatory actions, marks a significant moment for cryptocurrency’s integration into mainstream financial services. This development mirrors the growing acceptance and normalization of digital currencies in the investment landscape, poised to attract more participants to the burgeoning market.
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