World Crypto Global
- Written by: Tareq Sikder
- Tue, 16 Jul 2024
- Israel
The United States Securities and Exchange Commission (SEC)has reportedly given "preliminary approval" to at least three assetmanagers for their spot Ether exchange-traded funds (ETFs). This developmenthas increased speculation that the ETFs will begin trading as early as nextTuesday.According to a July 15 report by Reuters, the SEC approvalis now only contingent on the applicants submitting final offering documents tothe regulator before the end of this week. The report cited three industrysources.Ether ETFs Launch ImminentThe asset managers mentioned in the report includeBlackRock, Franklin Templeton, and VanEck. Additionally, Fidelity, ARK21Shares, Grayscale, Bitwise, and Invesco Galaxy are also in the running tolaunch their Ether products next week.One source told Reuters that all eight spot Ether ETFs areexpected to launch simultaneously, similar to the SEC's handling of spotBitcoin ETFs.The SEC has reportedly delivered final instructions to assetmanagers preparing to launch Ether ETFs. According to Bloomberg ETF analystEric Balchunas, the Commission instructed issuers to submit their final S-1filings by July 16. Balchunas noted that all applicants must state the feeattached to their spot Ether ETFs when submitting their amended S-1 filingsthis week. @SECGov tells $ETH ETF issuers that the funds can begin trading around July 23rd Ethereum exchange traded-funds issuers were reportedly told by the SEC that funds could start trading on July 23rd. According to one of the issuers, SEC officials stated that the regulator had pic.twitter.com/vv07U8CW93 CryptoDep #StandWithUkraine (@Crypto_Dep) July 16, 2024Reuters' report aligns with recent comments from Bitwise'schief compliance officer, Katherine Dowling, who said they have seen"fewer and fewer issues" vetted back and forth between the issuersand the SEC with the amended S-1 filings."So that points all signs in the direction that we areclose. Were close to the finish line on the launch," Dowling said on July9.Bitwises chief investment officer, Matt Hougan, speculatedthat the spot Ether ETFs could attract up to $15 billion in inflows in thefirst 18 months of trading. This is roughly the same amount that the spotBitcoin ETFs have attracted since launching six months ago.S-1 Filings Await ApprovalIf approved, the spot Ether ETFs would be listed on theNasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.Hougan also expects the SEC to officially approve the S-1filings next Monday after trading hours close. This would allow the spot EtherETFs to officially start trading on Tuesday, July 23.Gary Genslers commission delivered a first round offeedback on the S-1 filings in late June, which came about five weeks after theSEC approved the 19b-4 filings on May 23.This article was written by Tareq Sikder at www.financemagnates.com.
