The much-anticipated launch of Ethereum ETFs in the US has encountered a slight delay. The U.S. Securities and Exchange Commission (SEC) recently returned S-1 forms submitted by prospective issuers, requesting additional information.
According to a source at one issuer, the SEC’s comments were minor and the issuers have until July 8th to address them and resubmit the forms. However, this isn’t the final hurdle. The source indicated that at least one more round of filings will be required before the ETFs can begin trading on exchanges.
This back-and-forth process underscores the SEC’s meticulous approach to regulating these innovative financial instruments. While some reports suggested a launch date as early as July 4th, that timeline is no longer feasible. Issuers are currently in the dark regarding the final launch date, which hinges on the SEC’s processing speed for the resubmitted S-1 forms.
A Two-Step Approval Process
The S-1 filing represents the second stage of a two-step approval process. The first stage involved issuers submitting 19b-4 forms, which were successfully approved by the SEC in May. Unlike the S-1 forms, the 19b-4 approvals weren’t bound by a specific deadline. However, the S-1 review process hinges on the SEC’s workload and turnaround time.
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Summer Launch Still Possible, But Timeline Unclear
SEC Chair Gary Gensler previously indicated that Ethereum ETF approvals could happen “sometime over the course of this summer,” but refrained from providing a more concrete timeframe. The recent delay with the S-1 forms pushes back the original launch date hopes, but a summer launch remains a possibility. Investors eager to invest in Ethereum through ETFs will need to wait a bit longer for the SEC’s green light.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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