SEC Could Approve Spot Ethereum ETFs by July 4: Sources

BySamson Ononeme

Jun 26, 2024 , ,
Sources indicate SEC could greenlight spot Ethereum ETFs by July 4, aligning with analyst predictions and industry expectations.

Key Insights

  • SEC could approve spot Ethereum ETFs as early as July 4, according to anonymous sources.
  • SEC Chair Gary Gensler stated the process for launching spot Ethereum ETFs is “going smoothly,”.
  • The SEC previously approved 19b-4 forms for eight Ethereum ETFs.

WASHINGTON (MarketsXplora) – The U.S. Securities and Exchange Commission (SEC) could approve applications for spot Ethereum exchange-traded funds (ETFs) as early as July 4, according to sources familiar with the matter, marking a potential milestone for cryptocurrency investment products.

The news comes as discussions between asset managers and regulators enter their final stages, industry executives and other participants told Reuters on condition of anonymity due to the sensitive nature of the ongoing process.

This development aligns closely with predictions made by Bloomberg’s Senior ETF analyst Eric Balchunas, who had previously anticipated a similar timeline for approval.

SEC Chair Gary Gensler provided a positive outlook on Tuesday, stating that the process for launching spot Ethereum ETFs was “going smoothly.” His comments have fueled optimism among market participants and potential issuers.

VanEck filing Form 8-A in preparation for potential launch

Adding to the anticipation, VanEck, a prominent asset management firm, filed a Form 8-A for its Ethereum ETF on Tuesday. This move is widely interpreted as a signal that the instrument could soon be trading on an exchange, pending regulatory approval.

“The filing of Form 8-A by VanEck is a significant step towards the potential launch of spot Ethereum ETFs,” a market analyst told MarketsXplora, speaking on condition of anonymity. “It suggests that we’re in the final stages of the approval process.”

Read also! Ether Price Will Surge to $6,500 on ETF Launch: Steno Research

Last month, the SEC approved 19b-4 forms for eight Ethereum ETFs, paving the way for their potential launch. However, firms looking to introduce these new financial instruments are still awaiting the effectiveness of their registration statements, also known as S-1s, before trading can commence.

The approval of spot Ethereum ETFs would represent a major advancement in the integration of cryptocurrencies into mainstream finance, potentially opening up new avenues for institutional and retail investors to gain exposure to the second-largest cryptocurrency by market capitalization.

Samson Ononeme

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