There has been speculation surrounding the launch of US spot Ethereum ETFs, with Bloomberg ETF analyst Eric Balchunas suggesting that they could potentially launch in June. Balchunas mentioned that while a mid-June launch may be a long shot, there is a legitimate possibility that these ETFs could be available by the end of June. However, he also noted that the latest date for the launch could extend to July 4.
Balchunas based his expectations on the timing of issuers’ S-1 statements. He highlighted BlackRock’s recent S-1 amendment on May 29, which lacked vital information such as fees, indicating that it was nearing its final version. Grayscale also made an S-3 amendment on May 30, specifically outlining a prohibition on staking. These amendments are crucial steps towards the eventual launch of the ETFs for trading.
Balchunas suggested that the SEC’s approval process for these ETFs may be influenced by political motivations. He argued that the initial approvals served the political purpose of not appearing anti-crypto, so there may not be a rush to finalize the launch. Other industry figures, such as Ark Invest CEO Cathie Wood and Coinbase analyst David Han, have also alluded to the SEC’s political considerations in approving these funds.
According to reports, the SEC has requested applicants to submit draft S-1 filings by May 31, after which they will issue comments before further amendments are made. Currently, all ETH issuers have submitted registration statements, but only BlackRock and Grayscale have made amendments following the initial approvals granted on May 23. Balchunas’ colleague, James Seyffart, predicts that the SEC may take several weeks or even months to approve the S-1 statements.
The impending launch of US spot Ethereum ETFs has generated significant interest and speculation within the industry. While there are indications pointing towards a potential launch in June, various factors such as issuer statements, SEC approvals, and political considerations could impact the timeline. It remains to be seen how these dynamics will play out in the coming weeks and months as stakeholders await the official launch of these ETFs.
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