Speculation is swirling around the launch date of US spot Ethereum ETFs, with Bloomberg ETF analyst Eric Balchunas suggesting that a launch by the end of June is a “legit possibility.” While a mid-June launch may be a “long shot,” Balchunas anticipates that the latest date for the launch could be July 4. These expectations are based on the timing of issuers’ S-1 statements and recent amendments.
BlackRock’s S-1 amendment on May 29 did not include essential data such as fees, leading Balchunas to believe that this version is a “next to final version.” On the other hand, Grayscale submitted an S-3 amendment on May 30, which clearly prohibits staking. These filings are significant steps towards the ETFs’ launch, but no concrete launch dates have been confirmed.
Balchunas speculates that the SEC’s approvals of crypto ETFs may be influenced by political considerations. He argues that the SEC has already met its political goal of not appearing anti-crypto by not rejecting the ETFs. This could explain the lack of urgency in approving the launch of US spot Ethereum ETFs. Other industry experts, such as Cathie Wood and David Han, share similar views on the SEC’s potential motivations.
The SEC has requested draft S-1 filings from applicants by May 31, after which they will issue comments. Applicants will then have the opportunity to submit further amendments in response to the SEC’s feedback. While all ETH issuers have submitted registration statements, only BlackRock, Grayscale, and VanEck have made recent amendments following the SEC’s initial approvals for ETF rule changes on May 23.
As the industry awaits the launch of US spot Ethereum ETFs, analysts like James Seyffart believe that the SEC will take weeks or even months to approve the final S-1 statements. The future of crypto ETFs in the US remains uncertain, with regulatory considerations and political motivations playing a significant role in the approval process. Investors and industry participants will continue to monitor developments closely as they await further updates on the launch of these highly anticipated ETFs.
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