Major Spot Ethereum ETF Update Coming This Week: Details

Major Spot Ethereum ETF Update Coming This Week: Details

Even though the United States Securities and Exchange Commission (SEC) granted approval for an Ethereum spot ETF, the cryptocurrency world is still waiting for S-1 approval to begin trading of the asset. According to a source in communication with the SEC, some comments are now expected this week. Nate Geraci, analyst, in a post on X saying that at least one of the several potential issuers that submitted an application will receive comments from the regulatory authority this week.

Even though the United States Securities and Exchange Commission (SEC) granted approval for an Ethereum spot ETF, the cryptocurrency world is still waiting for S-1 approval to begin trading of the asset. According to a source in communication with the SEC, some comments are now expected this week. Nate Geraci, analyst, in a post on X saying that at least one of the several potential issuers that submitted an application will receive comments from the regulatory authority this week.

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Spot ETH ETF Regulatory Delays and Issuer Expectations

Notably, since the May 31 deadline to file the first draft of S-1 filings passed, Ethereum ETF spot issuers have anticipated that the regulator would provide an update on the status of their application. To date, the commission led by Gary Gensler has not provided anything definitive.

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Interestingly, issuers were optimistic that the SEC would provide comments on the drafts starting June 7. However, two of the issuers stated categorically that the SEC did not tell them anything. SEC Chairman Gary Gensler’s only communication in a recent appearance on CNBC was ambiguous.

The SEC’s back-and-forth before granting 19b-4 approval led some issuers to drop out of the race. Among those who withdrew, Cathie Wood’s Ark Invest stands out. The asset management company, despite filing paperwork with the SEC in partnership with 21Shares to become an Ethereum ETF issuer, subsequently pulled out.

Ark Invest, in an official statement, noted that it continues to believe in the “transformative potential and long-term value” of Ethereum. However, Ark will no longer pursue an Ether ETF product.

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Stakeholder Concerns About Ethereum Spot ETF

As issuers anticipate clear communication from the regulatory body, some stakeholders have doubts about the potential of the Ethereum spot ETF product. Global banking firm JPMorgan believes these products could attract a much smaller share of inflows than expected.

However, analysts are optimistic that if the SEC gives the green light, the product is likely to do well in the crypto space.

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