Originally expected to launch on July 2, the launch of US-based spot Ethereum exchange-traded funds (ETFs) has been delayed due to comments from the US Securities and Exchange Commission (SEC). The SEC required S-1 forms to be resubmitted by July 8, potentially delaying the launch until mid-July.
SEC's Delay Request
According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC has taken additional time to review S-1 forms submitted by potential spot Ethereum ETF issuers, delaying the launch. Balchunas noted that this new timeline envisions a launch in mid-to-late July.
Comments from ETF Store President Nate Geraci
ETF Store president Nate Geraci noted that the S-1 revisions were relatively minor and predicted the SEC would open issuers for trading within 14-21 days. While the exact timeline remains unclear, the SEC has hinted at a potential launch this summer.
Two Step Process
Approval of S-1 forms is the second part of the two-step process required for ETFs to go live. The first part involved approval of issuers' 19b-4 forms in May. The SEC approved 19b-4 filings from eight ETF bidders on May 23.
Statements by SEC Chairman Gary Gensler
On June 26, SEC Chairman Gary Gensler confirmed that the approval process for spot Ether ETFs is progressing smoothly. The SEC approved a rule change that allows large issuers such as BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco to participate in the process. Additionally, issuers like VanEck have filed 8-A forms in preparation to list on exchanges by July 8.
However, Gensler noted that listing spot Ether ETFs on exchanges could take months and might not happen until September. He emphasized that the timing of Ether ETF listings depends on critical response times.
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