Ethereum

United

Bloomberg analyst Eric Balchunas expects spot Ether (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>)&nbsp; exchange-traded funds (ETFs) to begin trading in the U.S. in July. 
Balchunas updated his forecast for the official launch of spot Ether ETFs, moving the over/under date to July 2. 
The crypto expert noted that the U.S. Securities and Exchange Commission (SEC) staff had sent comments on the S-1 filings to issuers, describing them as “pretty light” without major issues.&nbsp; 
He mentioned that the SEC has asked for responses within a week, suggesting a decent chance that the ETFs could be declared effective the following week, potentially before the “holiday weekend.” 
Balchunas emphasized that while anything is possible, this is their best estimate at the moment. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… <a href="https://t.co/XJZ8JLwEFF" target="_blank" rel="">https://t.co/XJZ8JLwEFF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1801725292404261308?ref_src=twsrc%5Etfw" target="_blank" rel="">June 14, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
On June 13, SEC Chairman Gary Gensler <a href="https://x.com/EleanorTerrett/status/1801262188780265838" target="_blank" rel="">provided</a> some clarity on ETH ETFs during his testimony to Senator Bill Hagerty. 
Gensler <a href="https://crypto.news/gary-gensler-ethereum-etfs-likely-approved-by-end-of-summer/" rel="">indicated</a> that he expects the S-1 filings for spot Ethereum ETFs to be approved by the end of the summer. This statement has reinforced the belief that while there may be some delays, approval will likely happen within the next few months. 
Balchunas also <a href="https://x.com/EricBalchunas/status/1801297811067031946?t=htsyVCY5eu5XsYL86B2UiA&amp;s=19" target="_blank" rel="">mentioned</a> that the issuers of spot Ethereum ETFs were waiting for feedback from the SEC’s Division of Corporation Finance (Corp Fin) on their S-1 filings, which they had submitted two weeks earlier. 
He explained that this delay was attributed to Corp Fin reviewing these documents for the first time, highlighting that this unexpected situation stemmed from a likely last-minute political shift within the SEC, which surprised Corp Fin as well. 
Balchunas further emphasized that there is uncertainty about how quickly Corp Fin could prioritize and process the filings.&nbsp; 
However, some observers believe Ethereum ETFs may not attract as much attention as Bitcoin&nbsp; (<a href="https://crypto.news/bitcoin-price/" rel="">BTC</a>) ETFs because they do not offer staking capabilities. 
SEC Commissioner Hester Peirce, known for her liberal stance on cryptocurrencies and nicknamed “Crypto Mom,” has <a href="https://crypto.news/sec-commissioner-ethereum-etf-approvals-wont-be-same-as-bitcoin/" rel="">expressed</a> skepticism regarding the SEC’s treatment of Ethereum. Peirce has highlighted that historically, the SEC has categorized Ethereum as a security, unlike Bitcoin, which is classified as a commodity. 
The SEC has maintained that Ether is a security, which introduces a distinct set of challenges compared to the approval process for Bitcoin ETFs,” Peirce remarked.&nbsp; 
 You might also like: <a href="https://crypto.news/former-binance-ceo-cz-reportedly-owns-64-of-bnb-supply/&nbsp; " rel=""> Former Binance CEO CZ reportedly owns 64% of BNB supply </a> 
<h2 class="wp-block-heading" id="the-ethereum-etf-journey-so-far">The Ethereum ETF journey so far</h2> 
The United States Securities and Exchange Commission (SEC) has initiated the approval process for Ethereum exchange-traded funds (ETFs), marking a notable advancement for the cryptocurrency industry. 
On May 23, the SEC <a href="https://www.investopedia.com/sec-approves-spot-ether-etfs-8653412" target="_blank" rel="">approved</a> eight 19b-4 filings. However, trading of these ETFs cannot commence until they obtain the required approvals for their S-1 registration statements. 
The 19b-4 forms are regulatory filings that propose amendments to current rules or regulations, facilitating the listing and trading of new securities. Approval of these forms signifies the SEC’s authorization for exchanges to list the ETFs, although it does not ensure immediate commencement of trading for the ETFs. 
This progress represents a significant advancement in the approval journey for Ethereum ETFs, which the cryptocurrency community has eagerly awaited.&nbsp; 
Concurrently, the SEC is reviewing the S-1 registration statements filed by Ethereum ETF issuers. These statements offer comprehensive details about the companies and the specific securities they plan to offer.&nbsp; 
At the time of writing, the price of Ethereum (ETH) is hovering around $3,562.97, representing a 2.5% increase in the last 24 hours. However, the world’s second-largest crypto is still down by 3.5% on the weekly timeframe, according to CoinGecko data. 
 Read more: <a href="https://crypto.news/ethereum-etf-approval-unlikely-sec/ " rel=""> Bloomberg analyst: Ethereum ETF approval unlikely </a> 
&nbsp;

Ethereum ETFs could go live in July, analyst says

Table of Contents

crypto.news

Other articles published on Jun 15, 2024

Beeple's New Art-A Satire on Memecoins and Global Capitalism

Deutsche Telekom Ventures Into Bitcoin Mining and Node Operations Soon

Spot Bitcoin And Ethereum ETFs See Record-Breaking $2 Billion Month, This DeFi Platform Will Bene...

King Trumpy (KINGTRU) Will Surge 11,000%, Looks to Challenge Shiba Inu and Dogecoin

El Salvador's Bank for Private Investment Proposed to Support Bitcoin

Ripple Could Have A Bullish Week, But ETFSwap (ETFS) And Pepe Coin Have Better Prospects

Join our free newsletter for daily crypto updates!