Bitwise CCO Says Ethereum ETF ‘Nearing Completion’ and SEC Open to Other Funds
Bitwise CCO Catherine Dowling said a spot Ethereum ETF is “close to being finalized,” and noted that the SEC is “very welcoming” discussions about other products.
On July 9, Dowling told Bloomberg that the SEC and ETF issuers were seeing fewer issues addressed in their respective S-1 filings and that launches were imminent.
Dowling echoed SEC Chairman Gary Gensler’s assertion that the agency will fully approve issuers’ registration statements in the summer, but outlined an open time frame. She said:
“As you know, everyone has a different definition of summer. It’s been a long, hot summer while publishers wait…”
Dowling said Bitwise plans to differentiate itself from other applicants, including giants like BlackRock and Fidelity, by positioning itself as a “cryptocurrency expert” who has been focusing on the space for years.
Bitwise filed its most recent amendment on July 3, with many other applicants filing on July 8. Applicants will need to add specific details, including sponsor fees, to future amendments.
SEC Welcomes Other Discussions
Dowling also said Bitwise had been talking to the SEC about potential new products “coming down the pipe.” She described the conversations positively, saying:
“I think the communication with the SEC about the prospects for these products has been really welcome.”
But she agreed with Bloomberg ETF analyst Eric Balchunas that some products could only be approved under a new SEC chairman.
Otherwise, it could take a significant amount of time to get a product to market due to the lack of prior product approvals and a lack of a potential future market for that product, she said.
Dowling did not identify the product in question. The only other spot crypto ETFs currently on hold are VanEck and 21Shares’ spot Solana (SOL) ETF.
As of the time of writing, Bitwise has not applied for a similar product.
