ETFs
US SEC Delays Launch of Spot Ethereum ETF, Returns S-1 Forms
The Ethereum spot ETFs that experts like Bloomberg ETF analysts Eric Balchunas and James Seyffart have predicted will launch next week have been further delayed by the U.S. Securities and Exchange Commission (SEC). The SEC has released some comments on the S-1 form filed by Ethereum spot ETF issuers, with a new filing expected in the coming weeks.
SEC Comments Delay Spot Ether ETF Launch
According to sources familiar with the matter, the US SEC has asked issuers of spot Ethereum ETFs to submit S-1 forms by July 8. This means that the launch of spot Ethereum ETFs is postponed to mid-July or late July.
SEC Chairman Gary Gensler recently confirmed that the approval process for Ethereum Spot ETF runs smoothly after issuers such as BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. Ether ETF issuers such as Van Eck have also filed Form 8-A for their stock market listing by July 8.
The delay leaves Ethereum holders in limbo. ETFstore President Nate Geraci noted earlier that the latest round of S-1 revisions was fairly “light” and that the regulator will likely allow issuers to trade within the next 14 to 21 days. While the exact timeline is unclear, the SEC has hinted at a potential launch this summer.
Read also : ETH/BTC Pair Eyes Major Breakout With Ethereum ETF On The Horizon, What’s Next?
Will ETH Price Drop Due to Delay?
Market participants criticized the SEC’s decision as Ethereum and the broader cryptocurrency market are already trading under selling pressure. The chances of an Ethereum ETF launching next week raised hopes of an altseason as ETH/BTC price finally traded above the 365 simple moving average.
ETH Price The stock price has dropped by more than 1% in the last 24 hours, with the price currently trading at $3,384. The 24-hour low and high are $3,363 and $3,467, respectively. Additionally, the trading volume has decreased by another 8% in the last 24 hours, indicating a decrease in interest among traders.
Read also : Ripple v. SEC – Judge Torres’ Doctrine Upheld, Secondary Sales of XRP Are Not Securities
Varinder has 10 years of experience in the Fintech industry, with over 5 years dedicated to blockchain, crypto and Web3 developments. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5,000 news stories, articles and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative technologies of the future. He is currently covering all the latest updates and developments in the crypto industry.