Issuers Still Awaiting SEC Comments for Ethereum ETF S-1 Filings: Report – DiarioBitcoin
By Hannah Perez
Progress towards approval of the final registration for the listing of spot Ethereum ETFs in the US appears to be slow so far. A release this month seems less likely.
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- SEC Apparently Has Not Yet Provided Comments to Ethereum ETF S-1 Filings
- The process has been slow so far, reports suggest, which could delay the launch
- S-1 Filings Are the Preliminary Step Before the Launch of Ethereum Spot ETFs
The first exchange-traded funds (ETFs) Ethereum in cash they are still waiting for their debut in the US.
It’s been almost three weeks since the US Securities and Exchange Commission (SEC) approved a batch of ETFs based on Ethereum cash. Notably, the regulatory agency approved Forms 19b-4 for eight managers, including BlackRock, Fidelity and Grayscalebut the approval of a final registration for the launch was pending.
This process, so far, appears to have seen little progress, as issuers have yet to get a response from the SEC regarding S-1 filings, the final document before an official stock market listing.
According to a report from The Block citing people familiar with the matter, the administrators are still awaiting regulatory comments on their S-1 applications after having submitted the first drafts in late May.
Issuers had anticipated that the SEC would provide comments on these drafts on June 7, one source said, according to the report. However, some have not yet received any response.
S-1 filings are the final step prior to listing ETFs. Ethereum spot in the US market. The SEC needs to approve them for trading to occur, but it often takes several modifications before a go-ahead.
The issuers had said a few weeks ago that They expected the S-1 forms to go through at least two more rounds of draft submissions before they were readyaccording to a previous report by The Block. A source said they now anticipate the comments will return this week.
Waiting for ETFs Ethereum cash
The ETF Expert Bloomberg, Eric Balchunas, previously anticipated that the S-1s would take a few weeks to complete, or even a few months, if the process moved slowly. A few days ago, he projected an official stock market launch for late June or early July at the latest, with a tentative date of July 4.
An ETF based on Ethereum Spot is a type of regulated investment vehicle that is traded on the stock exchange and would give investors the ease of exposure to the second largest cryptocurrency by market capitalization without the need for them to personally purchase or hold it.
In January, the SEC approved a batch of ETFs Bitcoin in cash after a process of several months of dialogue with the administrators, comments and modifications to the respective applications. That group of products has been successful so far, attracting more than $15.6 billion in total revenue since its debut.
A question that many have asked is whether the new ETFs will be able to replicate the same success as those of Bitcoin. ANDl head of derivatives BitfinexJag Kooner, estimates that they will generate about 10-20% of flows that have been allocated to the ETFs of Bitcoin cash.
Meanwhile, ETH is trading around USD $3,500 down almost 4% on the day.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
