SEC evaluation for Ethereum ETF applications is on the right track, sources say – DiarioBitcoin

According to sources, the process of reviewing the forms S-1 on the part of the SEC It is progressing favorably, and although a date for final approval cannot yet be estimated, they defend that it could be closer than expected.

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• Sources revealed some details about the evaluation process of the SEC for ETFs Ethereum
• They have already made the first comments for the forms S-1 consigned
• Applicants have until this Friday to submit the next drafts
• There are still several rounds of review to go, but the feedback has been good
• There is no estimated approval date, but it is believed that it will be before the presidential elections.

Everything seems to indicate that exchange-traded funds (ETFs) based on Ethereum are getting closer to reaching the market, and sources with knowledge of the case assure that the review process carried out by the Securities and Exchange Commission (SEC) could conclude sooner than expected.

Process is progressing favorably

This was indicated by several sources consulted by the media. The Blockwhich indicate that although the approval of the forms S-1 is not subject to a specific period, ETF issuers Ethereum in cash received comments last week from the SEC on the aforementioned requests, and they would have until this Friday to submit the new drafts with the respective changes.

Regarding this round of review, one of the sources consulted by the media assured that the comments were “reasonable”, which significantly increases the expectations that the forms will be officially approved S-1 in future reviews, and with this the ETFs come into force Ethereum in the US market.

According to the other source consulted, they expect the presentation of the new applications to take place this week, but it remains to be seen how many more rounds there will be before reaching an official verdict.

The first round of submission of forms S-1 officially concluded on May 31, so at the SEC It took about two weeks to review and give returns to the applicants, who must submit new drafts for a new round of revisions no later than this Friday.

Estimated approval date?

Although it is clear that there is no deadline for the evaluation of the forms S-1, the president of the SEC, Gary Gensler anticipated that based on his experience, the approval process for ETF application registrations Ethereum cash It should conclude at the end of summer, that is, by the end of August or beginning of September.

Please note that applications submitted in the forms 19b-4 were approved for all ETF applications Ethereum in cash on May 23, when the deadline for the SEC give the corresponding verdict.

Given that there are no specific deadlines for this last step, analysts and enthusiasts believe that the expected approving verdict could well arrive before the US elections. Those who support this thesis see it as a measure to attract the support of enthusiasts and investors of the sector in the face of the possible re-election of President Joe Biden, especially given that former president and candidate Donald Trump is directing several of his campaign promises to the crypto community.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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