Ethereum

Spot

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<p dir="ltr">Despite the United States Securities and Exchange Commission (SEC) granting approval for a spot Ethereum ETF, the cryptocurrency world is still awaiting S-1 approval to usher in trading of the asset. Per a source in communication with the SEC, some comments are now anticipated this week. Nate Geraci, an analyst, in a post on X&nbsp;<a href="https://x.com/NateGeraci/status/1800498130905157988" rel="noopener noreferrer nofollow">said</a> that at least one of the several prospective issuers that filed an application will receive comments from the regulatory authority this week.</p>
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 <p lang="en" dir="ltr">Fwiw, at least one prospective spot eth ETF issuer anticipating SEC comments back on S-1 this week...Issuers would then file another round of amendments based on those comments.via <a href="https://twitter.com/Timccopeland?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Timccopeland</a> <a href="https://t.co/WB1VQcmbh0" rel="noopener noreferrer nofollow">pic.twitter.com/WB1VQcmbh0</a></p>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1800498130905157988?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 11, 2024</a>
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<h2 id="spot-eth-etf-regulatory-delays-and-issuer-expectations">Spot ETH ETF regulatory delays and issuer expectations</h2>
<p dir="ltr">Notably, since the May 31 deadline passed to submit the first draft of S-1 registrations,&nbsp;<a href="https://u.today/is-ethereum-eth-in-danger-of-price-drop" rel="noopener noreferrer nofollow">spot Ethereum ETF</a> issuers have anticipated that the regulatory body would provide an update on the status of their application. To date, nothing definite has come from the Gary Gensler-led commission.</p>
<p dir="ltr">Interestingly, issuers were optimistic that the SEC would provide comments on the drafts as of June 7. However, two of the issuers categorically stated that nothing was communicated from the SEC to them. The only communication from SEC Chairman <a href="https://u.today/sec-boss-gary-gensler-breaks-silence-on-ethereum-etfs" rel="noopener noreferrer nofollow">Gary Gensler</a> at a recent appearance on CNBC was ambiguous.</p>
<p dir="ltr">The back and forth of the SEC prior to granting the 19b-4 approval led some issuers to drop out of the race. Notable among those that pulled out was Cathie Wood’s <a href="https://u.today/cathie-woods-ark-invest-drops-plans-to-issue-ethereum-etf" rel="noopener noreferrer nofollow">Ark Invest</a>. The asset management firm, despite filing documents with the SEC in partnership with 21Shares to become an Ethereum ETF issuer, later withdrew.</p>
<p dir="ltr">Ark Invest, in an official statement, noted that it continues to believe in Ethereum’s “transformative potential and long-term value.” However, Ark will no longer pursue an Ether ETF product.</p>
<h2 id="stakeholders-concerns-about-spot-ethereum-etf">Stakeholders' concerns about spot Ethereum ETF</h2>
<p dir="ltr">As issuers anticipate clear communication from the regulatory body, some stakeholders are entertaining doubt as to the potential of the spot Ethereum ETF product. Global banking firm JPMorgan believes that these products could attract a much lower share of inflows than expected.</p>
<p dir="ltr">Analysts are, however, optimistic that if the SEC gives the green light, the product is likely to perform well in the crypto space.</p>

Major Spot Ethereum ETF Update to Come This Week: Details

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