Spot Ethereum ETFs Could Receive SEC Approval as Early as July 4

The cryptocurrency industry is eagerly awaiting for Ethereum exchange-traded funds [ETFs] to make their debut. The U.S. Securities and Exchange Commission [SEC] might approve spot Ether ETFs as early as July 4. This comes following discussions between regulators and asset managers, industry leaks, and other parties involved, according to reports.

Gary Gensler, the Chairman of the SEC, previously stated he was confident in the approval process for spot Ethereum ETFs. He noted that asset managers are presently under pressure. This is because, for their registration statements to be effective, they must provide complete disclosures. Though there is still work to be done, Gensler stated that everything is moving along nicely.

More recently, executives from the firms waiting for approval revealed that the documentation process is currently at a point where only “minor” concerns need to be resolved. But ETFs cannot be launched unless those documents are authorized. One of the issuers’ attorneys stated that the approval process was “down to the finishing touches.” He noted that it would “probably not be more than a week or two away.”

Also Read: VanEck Will Offer Ethereum ETF With Zero Fees Till 2025

How Many Asset Managers Are Seeking SEC’s Approval?

A total of eight asset managers are currently awaiting the SEC’s approval for a spot Ethereum ETF. This includes BlackRock, VanEck, Franklin Templeton, Fidelity, ARK 21Shares, Invesco, Bitwise, and Grayscale Investments.

Bitwise’s CIO, Matt Hougan seems to be confident about the firm’s bet. In a recent tweet, he suggested that the net flows to Ethereum ETFs might reach a high of $15 billion in just the first 18 months. He also predicts that investors might invest in Bitcoin and Ethereum ETFs in a ratio based on their respective market capitalizations. He points out that Ethereum ETPs make up around 22% of all assets under management in the European and Canadian markets. This is compared to roughly 78% of Bitcoin ETPs.

Also Read: Ethereum ETF Demand to be Lower Than Bitcoin, Says Bernstein

  • crypto
  • cryptocurrency
  • ethereum

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