SEC Delays Ethereum ETF Decision, Pushing Back Launch Expectations
The Securities and Exchange Commission (SEC) has delayed its decision on spot Ethereum Exchange-Traded Funds (ETFs), pushing back market expectations for their launch. While the SEC greenlit the 19b-4 forms in late May, it has not yet approved the S-1 forms for specific Ethereum ETFs, leaving the future uncertain.
The SEC's delay comes despite several financial institutions, including BlackRock, Fidelity, 21Shares, Grayscale, iShares, and VanEck, submitting their S-1 forms. These forms, which detail the planned Ethereum ETFs, were returned with amendment requests, indicating a negotiation process between the applicants and the SEC. The applicants have until July 8 to resubmit their forms with the requested changes.
The SEC's hesitation with Ethereum ETFs, relative to its earlier approval of Bitcoin ETFs, signals that there is no inherent right to a crypto ETF. Less established coins may face similar or increased scrutiny. Despite this, financial institutions plan to launch other crypto ETFs, such as for Solana, BNB, XRP, and other large coins, once the Ethereum ETF process is clearer.
The SEC's delay in approving Ethereum ETFs has pushed back market expectations for their launch. While the process continues, with applicants set to resubmit their forms by July 8, the final approval may not come until August or September. The SEC's scrutiny of Ethereum ETFs may set a precedent for other crypto ETFs, potentially leading to a more cautious approach from the regulator.
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- IAEA Urges Action as Zaporizhzhia Nuclear Plant's Power Crisis Worsens
