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The race to launch the first spot Ethereum exchange-traded fund (ETF) in the US heated up today as multiple firms filed amended registration statements with the Securities and Exchange Commission (SEC). The deadline for these filings fell on Monday, July 8th, and industry watchers anticipate a swift review process.
Leading the pack was VanEck, which submitted its revised S-1 form early on Monday. The changes were reportedly minor, focusing on details surrounding custody arrangements for the underlying Ethereum assets.
Bitwise Asset Management took an even earlier step, filing its amended registration form on July 3rd. Both Bitwise and VanEck have announced plans to waive fees for investors during the initial launch phase, potentially attracting early adopters.
“The ball is now back in the SEC’s court,” commented Eric Balchunas, senior ETF analyst at Bloomberg, following VanEck’s filing. He expects additional submissions throughout the day from other firms vying for the first-mover advantage in the Ethereum ETF space.
21Shares confirmed this prediction by filing their own amended registration statement later on Monday.
The SEC’s Role in Ethereum ETF Approvals
The approval process for these ETFs is a two-step affair. In May, the SEC greenlit 19b-4 forms for eight spot Ethereum ETFs, including those from Bitwise and VanEck. However, the final hurdle lies in the effectiveness of the S-1 registration statements. These detailed documents provide investors with crucial information about the ETF’s structure, risks, and investment strategy.
SEC Chair Gary Gensler has expressed optimism regarding the review process, highlighting the extensive experience of the Commission’s Division of Corporation Finance in handling such filings. He emphasized the importance of comprehensive disclosures from asset managers to expedite the launch of these long-awaited Ethereum ETFs.
Investor Impact
The potential arrival of spot Ethereum ETFs has garnered significant interest from investors seeking a regulated and secure way to gain exposure to the world’s second-largest cryptocurrency. Industry experts predict a rapid launch timeline following the S-1 filings, potentially within the next two weeks. This development could trigger renewed interest in the Ethereum market, especially if it mirrors the positive impact witnessed with the launch of Bitcoin ETFs earlier this year.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
