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The anticipated debut of spot Ether exchange-traded funds (ETFs) in the United States, initially expected as soon as July 2, has been postponed due to the U.S. Securities and Exchange Commission (SEC) requiring more time to review submissions. Bloomberg ETF analysts Eric Balchunas and James Seyffart reported that delays in processing the S-1 registration forms from ETF issuers have pushed the expected launch date to mid-July or possibly later.
The SEC has issued comments on these forms and has set a deadline for revised submissions by July 8. Balchunas noted that these developments suggest a potential delay in the launch of spot Ethereum ETFs until at least mid-to-late July.
Nate Geraci, president of ETF Store, observed that the recent revisions requested by the SEC were relatively minor. He anticipates that the SEC could authorize issuers to proceed within 14 to 21 days from submission, although the exact timing remains uncertain. However, an SEC indication points to a possible launch sometime this summer.
In early June, Balchunas had anticipated an early July launch based on minimal critical feedback from SEC staff regarding the initial S-1 filings from ETF applicants.
The processing of the S-1 forms constitutes the second phase in a two-step approval process necessary for the ETFs to commence trading. The first phase involved the SEC’s approval of the issuers’ 19b-4 forms, which occurred on May 23 with the approval of filings from eight different ETF applicants.
Unlike the 19b-4 forms, the S-1 forms are not subject to a fixed deadline, meaning the issuers depend on the SEC’s timeline for review and approval.
SEC Chair Gary Gensler confirmed on June 26 that the approval process for spot Ether ETFs is moving forward smoothly.
The SEC has authorized a rule change that allows major issuers, including industry giants like BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco, to engage in the process. Furthermore, issuers like VanEck are gearing up for listing on exchanges, having filed 8-A forms with a target date of July 8.
Despite this progress, Gensler mentioned that the actual listing of spot Ether ETFs on stock exchanges might extend into months, possibly until September. He emphasized that the timeline largely depends on the responsiveness of the applicants in this process.
