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Ethereum ETF Issuers Move Toward Final Approval
Alex Dobnya
The final approval of Ethereum ETF products seems to be extremely close
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Several Ethereum exchange-traded fund (ETF) issuers, namely VanEck and 21Shares, have envoy updated S-1 forms.
Eric Balchunas, senior ETF analyst at Bloomberg, said there is nothing noteworthy in the updated filings, as issuers are simply putting the ball back in the agency’s court.
Prospective ETF issuers will need to submit their updated S-1 applications by July 8.
Last week, Bit by bit It also updated its Form S-1 ahead of the deadline, as it had received very little substantive feedback from the SEC.
Form S-1 is the initial registration statement that must be filed with the agency to issue new securities. When it comes to ETFs, these funds should provide an in-depth description of a given fund. This description should include certain risks associated with a given investment product.
ETF issuers must also file 19b-4 applications, known as “change rule changes.” explained By Matthew Sigel, head of digital research at VanEck, Forms 19b-4, required for ETF listings, are typically filed after Form S-1s.
At the same time, the two-step ETF approval process involves the SEC clearing both of these forms. In May, the agency shocked the cryptocurrency industry by approving multiple Form 19b-4s for Ethereum spot ETFs. That same month, financial giant BlackRock updated its S-1 filing for its Ethereum spot ETF product.
After more than a month of discussions with potential issuers, the SEC is expected to allow several spot Ethereum ETFs to begin trading as early as this month, industry insiders say.
Last month, SEC Chairman Gary Gensler commented on the closely watched Ethereum ETF approval process, claiming it was going “smooth.”
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.