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The SEC has reportedly granted preliminary approval to Ether ETFs from three issuers, setting the stage for a potential trading debut next Tuesday.
Preliminary Approval Granted by SEC to Three Ether ETF Issuers
"Preliminary approval" has allegedly been granted to spot Ether exchange-traded funds managed by at least three different firms by the US Securities and Exchange Commission, leading to increased speculation that these funds could start trading next Tuesday.
Reuters reported on July 15 that "three industry sources" informed the news agency that applicants are now simply required to submit final offering documentation to the SEC by the end of this week in order to receive approval.
Multiple Firms Preparing to Launch Ether ETFs
Franklin Templeton, VanEck, and BlackRock were among the firms that applied, according to the sources. Also vying to release Ether products next week are Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy.
Reuters was informed by one of these people that the eight spot Ether ETFs will likely start at the same time, following a pattern similar to how the spot Bitcoin ETFs were handled by the SEC.
SEC Instructs Issuers to Submit Final S-1 Forms by July 16
At the same time, asset managers were getting ready to launch Ether ETFs and allegedly received final instructions from the SEC. Issuers were told by the Commission to submit their final S-1 forms by July 16, according to Bloomberg ETF analyst Eric Balcunhas.
According to Balchunas, this week's updated S-1 filings from all applicants must include the charge associated with their spot Ether ETFs.
Trading Could Begin on Tuesday, July 23
Furthermore, he anticipates that the spot Ether ETFs will be able to commence trading on Tuesday, July 23, following the SEC's formal approval of the S-1s next Monday, following the closure of trading hours.
About five weeks after the SEC accepted the 19b-4 filings on May 23, Gary Gensler's commission provided initial feedback on the S-1 filings in late June.
Bitwise's chief compliance officer, Katherine Dowling, has stated that they have noticed "fewer and fewer issues" being reviewed by the issuers and the SEC in relation to the updated S-1 filings, which is in line with the findings reported by Reuter.
“So that points all signs in the direction that we are close. We’re close to the finish line on the launch,” Dowling stated last July 9.
