Spot Ether ETFs May Receive US Approval by July 4: Report

cryptonews.com:

The US SEC reportedly might greenlight spot Ethereum ETFs by July 4 if discussions between investment firms and regulators are finalized.

Several investment firms like BlackRock and Grayscale are waiting on the SEC’s approval to launch these Ether ETFs. It follows successful spot Bitcoin ETF launches in January, which capped years of back-and-forth with regulators. Grayscale, in particular, wants to convert its existing Ethereum Trust into an ETF.

Although the SEC approved 19b-4 filings from eight ETF bidders on May 23, the asset managers are still finalizing their Form S-1s. These final filings require SEC approval before the ETFs can begin trading. At least two companies, including Bitwise and Fidelity, have revised and resubmitted their applications for the new ETFs.

Reuters reported on Wednesday that unnamed executives at two firms said finalizing the paperwork for the new ETFs is nearing completion. Only a few minor details are left to iron out before the launch can proceed.

A lawyer involved with one of the issuers told the outlet that the firm is close to the “finishing touches.” They also believe final approval is likely within the next week or two.

Last week, Bloomberg ETF analyst James Seyffart also suggested spot Ether ETFs might launch before July 4.

Meanwhile, SEC Chair Gary Gensler has not given a specific timeline for the launch. At a Bloomberg conference on June 25, he mentioned that the progress is “going smoothly.” He also stressed the necessity for asset managers to provide full disclosure in their registration statements, which is required for the ETFs to be approved.

“What is in front of us — and it’s done at a staff level — is what’s called the registration statements, the disclosure statements,” Gensler