During a one-on-one interview that took place at the Bloomberg Invest Summit in New York, U.S. Securities and Exchange Commission Chair Gary Gensler said that the process of approval of several Ethereum (ETH) ETF applications was going "smoothly."
However, Gensler does not know exactly when these products will be able to start trading. He has stated that the asset managers are supposed to make proper disclosures before the launch.
As reported by U.Today, the SEC boss previously stated that Ethereum ETFs would go live this summer.
Alex DovbnyaLast week, several prospective spot Ethereum ETF issuers, including financial behemoth BlackRock, submitted amended registration statements that include information about fees as well as seed investments.
Earlier today, financial firm VanEck also moved closer to the final approval of its Ethereum ETF application by filing a Form 8-A.
Bloomberg ETF analyst Eric Balchunas has predicted that the Ethereum ETF products could be launched on July 2. According to the expert, the latest move by VanEck bodes well for this prediction.
The SEC shocked the cryptocurrency industry by unexpectedly 19b-4 forms in May. However, this was only the first step of the ongoing approval process. Now, the agency has to greenlight numerous S-1 registration forms that will actually allow Ethereum ETFs to go live.
In late May, banking giant JPMorgan predicted that the yet-to-be-launched spot Ethereum ETFs would not attract the same level of demand as their record-breaking Bitcoin counterparts earlier this year. Its analysts expect these products to attract only $3 billion worth of inflows this year, which would be only a small fraction of the total inflows that have been recorded by Bitcoin ETFs.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team