Crypto Mining

Spot Ethereum ETF Issuers Still Awaiting First S-1 Comments from SEC: Source

Posted 5 minutes ago In ~

Promising site Ethereum ETH

ETF issuers are still waiting for the SEC to provide comments on the S-1 filing after submitting the first draft on May 31, according to two sources.

Issuers were expecting the SEC to provide comments on the draft on June 7, according to sources based on conversations with the SEC. But at least two issuers have yet to receive anything. A source said comments were now expected again this week.

This comes after SEC Chairman Gary Gensler told CNBC that approval of the S-1 form “will take some time.”

It’s unclear how long the process will take. A source previously told The Block that the S-1 form is expected to go through at least two more draft submissions before it is ready.

Preparing for Ethereum ETF launch

The S-1 form is the second step in a two-step process to activate a spot Ethereum ETF for trading. The first step was the approval of Form 19b-4, which occurred on May 23rd.

The draft document also provides some details. BlackRock is seeding a $10 million ETF, and Franklin Templeton plans to start with a 0.19% fee.

Once a spot Ethereum ETF is launched, a key question will be whether it can replicate the success of the spot Bitcoin ETF. Jag Kooner, head of derivatives at Bitfinex, estimates that spot Bitcoin ETFs will bring about 10 to 20 percent of the inflows.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Tim is the editor-in-chief of The Block. Before joining The Block, Tim worked as a news editor at Decrypt. He holds a BA in Philosophy from York University and studied News Journalism at Press Association Training. X Follow him at @Timccopeland.

Related Articles

Back to top button