The Securities and Exchange Commission (SEC) may approve applications for spot Ethereum (ETH) exchange-traded funds (ETFs) as soon as July 4, according to a report by Reuters, which cited anonymous sources.
Industry executives and participants informed Reuters that the SEC is in the final stages of talks with asset managers regarding the approval of ETFs tied to the spot price of Ethereum. On Tuesday, acting SEC Chair Gary Gensler stated that the process for launching these spot Ethereum ETFs was “going smoothly.”
On the same day, VanEck filed a Form 8-A for its Ethereum ETF, suggesting that the instrument could soon be listed on an exchange. This timeline aligns with predictions made by Bloomberg’s Senior ETF analyst Eric Balchunas, who anticipated an early July launch window for these financial products.
Last month, the SEC approved 19b-4 forms for eight Ethereum ETFs. The firms behind these ETFs are now waiting for their registration statements (S-1s) to become effective before trading can commence.
Despite Balchunas’ optimistic prediction, SEC Chair Gary Gensler indicated that listing Ethereum ETFs on stock exchanges could take months and may not happen until September 2024. Gensler added that the timing of the Ethereum ETF listings depends entirely on the applicants’ response times.
The approval of a spot Ethereum ETF in the United States has surprised many and represents a major shift from the current administration’s policies. The 2024 election year has brought cryptocurrencies into the spotlight, with presidential candidates aiming to attract pro-crypto voters.
According to the Stand with Crypto political action committee, around 52 million Americans hold crypto, making pro-crypto voters a voting bloc. The PAC has also reached a milestone of 1 million advocate signatures from the public.
In response to the political climate, several initiatives have been launched to guide the voting public. These include the Gemini exchange facilitating donations to pro-crypto candidates and the creation of the Bitcoin Voter Project, a non-profit group focused on Bitcoin education and awareness.
