- SEC comments on spot Ethereum ETFs are still pending.
- Issuers expected feedback by June 7 but haven’t received it yet.
Perhaps a site Ethereum ETF issuers submitted first drafts on May 31 and are still awaiting SEC comments on their S-1 filings. Based on discussions with the SEC, the issuers had been expecting the agency to offer comments on these drafts by June 7, say two people.
At least two issuers have not yet heard back, though. One source now expects remarks to return this week.
This hold-up results from SEC Chair Gary Gensler’s CNBC statement that the S-1 form approvals will “take some time,” echoing earlier coverage by ETHNews.
The duration of the procedure is yet unknown. Prior to their release, one source informed The Block that they anticipate the S-1 forms going through at least two more rounds of draft filings.
TheBlock: Ethereum ETF issuers are still waiting on the SEC to provide comments on their S-1 filings after they submitted first drafts on May 31. They expect the S-1 forms to go through at least two more rounds of draft filings before they are ready. https://t.co/gIWJYOsGOD
— Wu Blockchain (@WuBlockchain) June 11, 2024
Preparing for Ethereum ETF Launches
Making the spot Ethereum ETFs available for trading requires two steps, the S-1 forms being the second. Approved 19b-4 forms were the initial stage, and that happened on May 23.
The draft filings reveal several pieces of information: Franklin Templeton will initially charge 0.19%, while BlackRock has seeded its ETF with $10 million.
One of the main questions when the spot Ethereum ETFs launch will be if they will match the popularity of the spot Bitcoin ETFs. Bitfinex Head of Derivatives Jag Kooner projects that they will receive between 10 and 20 percent of the flows currently going into spot Bitcoin ETFs.
Current Market Data and InsightsÂ
At the time of writing, ETH was valued at about $3,563.10, down 3.39% over the last 24 hours, according to CoinMarketCap data. This also shows a bearish posture, with a 5.56% decline within the previous seven days.
On the other hand, ETHNews previously reported that Wintermute’s CEO questioned Ethereum’s contradictory strategy of pursuing social goals and commercial incentives.