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Tuesday, June 11, 2024
HomeCryptoSpot Ethereum ETF issuers are still waiting for the SEC's response

Spot Ethereum ETF issuers are still waiting for the SEC’s response

Potential Ethereum spot ETF issuers are still waiting for the U.S. Securities and Exchange Commission (SEC) to respond on their S-1 filings after they filed initial drafts on May 31. 5, according to information from two sources.

Issuers anticipated that the SEC would provide feedback on these drafts by June 7, based on conversations with the agency. However, at least two publishers have not yet received any response. A source said they now expected a response to be made this week.

This comes after SEC Chairman Gary Gensler said on CNBC that approval of S-1 filings will “take some time.”

It’s unclear how long this process will take. A source previously said that they expected the S-1 filings to go through at least two more rounds of drafts before they were ready.

Preparing for the launch of Ethereum ETF

S-1 filings are the second step in a two-step process to get instant Ethereum ETFs to trade. The first step was approval of 19b-4 filings, which took place on May 23.

The draft records also reveal a few details. BlackRock is offering $10 million for its ETF, while Franklin Templeton plans to start with a 0.19% fee.

When spot Ethereum ETFs officially launch, the key question will be whether they can attempt to replicate the success of spot Bitcoin ETFs. Bitfinex Head of Derivatives, Jag Kooner, estimates that they will attract around 10-20% of the inflows that have flowed into spot Bitcoin ETFs.

Thach Sanh

According to The Block

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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