SEC Requests Revisions from Ethereum ETF Issuers, Final Approval Still Pending

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The hopes of a final approval for an Ethereum ETF by late June or the first week of July recorded a devastating blow. As per the report, the United States Securities and Exchange Commission (SEC) has stalled approving, for at least one issuer.

Notably, in the latest procedural step, the SEC returned the S-1 forms to prospective Ethereum ETF issuers, marking another round of revisions before these ETFs could go live.

Details of the SEC’s Feedback on Ethereum ETF

According to The Block, a source from one of the issuers stated that the SEC handed back the forms with minor comments that need to be acted upon. As such the issuer needs to address the SEC’s comments and resubmit the forms by July 8.

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Surprisingly, this resubmission will not be the final step. The source claims that there is still at least one more round of filings to submit before the Ethereum ETFs can begin trading.

Navigating the Regulatory Process

As per the SEC’s procedures, the S-1 forms represent the second phase in a two-step process for launching the ETFs. The initial phase involved the approval of the issuers’ 19b-4 forms. The SEC granted approval on that in May, just before a critical deadline.

However, unlike the 19b-4 forms, the S-1 forms do not have a set deadline. As such, approval by the regulatory body depends on the speed at which the SEC processes them. Earlier in June, SEC Chairman Gary Gensler passed the buck to the spot Ethereum ETF issuers’ desks, insisting it depended on their responsiveness. 

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Expectations and Future Steps

Despite earlier reports by Reuters suggesting that the ETFs might go live as early as July 4, with this new development, issuers remain uncertain about the exact launch date of the ETFs. Everyone in the broader crypto space will only have an insight after the SEC provides a deadline for the final filings.

The path to launching Ethereum ETFs continues to be complex and delayed even after the initial SEC nod in May. As one source concisely put it, “Never ceases to be a winding path.” Issuers and investors alike await further guidance from the SEC as the approval process unfolds.

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