The US Securities and Exchange Commission (SEC) has indicated that approval of exchange-traded funds on Ethereum will likely occur by July 22, according to industry insiders. investing.com writes about this.
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Information from insiders
The regulator informed at least 3 out of 8 firms say they are likely to receive final approval to introduce these new funds next Tuesday, July 23.
Industry insiders said regulators have directed them to submit final prospectuses by the end of this week. If these documents meet the necessary criteria, the SEC is expected to approve issuers with an official “effective date” for the new funds on Monday, July 22.
What Bloomberg analyst Eric Balchunas said, senior ETF analyst at Bloomberg, wrote on social network X that the launch of new spot ETFs on Ethereum is predicted for July 23.
According to Balchunas, the SEC has already responded to issuers, directing them to return final Form S-1 filings, including fees, by Wednesday. It is expected that on Monday after the market closes the regulator will submit a request for entry into force, which will prepare the way for the expected launch of funds as early as Tuesday.
Expectation for the launch of ETH-ETF
Wall's largest players Streets including BlackRock and Fidelity National Financial Inc have been in talks with the SEC for weeks, seeking to launch their spot ETH-ETFs as soon as possible.
New financial products are moving closer to a likely launch in the US after , as in late May the SEC approved the underlying documents filed by the applicants. However, before these new offerings can be traded on exchanges, the SEC must also approve the applicants' Form S-1 filings.
The promotion of Ethereum ETFs comes after the successful launch of Bitcoin spot ETFs in January. Since then, many financial institutions have competed for the right to introduce ETFs that allow investors to speculate on the price of Ethereum without having to purchase the cryptocurrency directly.
- Cryptocurrency Stocks (Securities) Stock Market