SEC Close to Approving Ether ETFs, Trading Anticipated to Begin Next Week

The US Securities and Exchange Commission (SEC) indicated on Monday that it is likely to approve exchange-traded funds (ETFs) by July 22, according to sources within the industry.

According to reports, US regulatory authorities have notified at least three of the eight firms seeking approval that they are expected to receive the green light to launch these new products next Tuesday, July 23. This information has been confirmed by three industry insiders.

The insiders noted that regulators have asked them to submit their final offering prospectuses by the end of the week. If these submissions meet the necessary requirements, the SEC is anticipated to provide issuers with a formal “effective date” for the new products on Monday, July 22.

Eric Balchunas, a Senior ETF Analyst, shared on social media that the launch of new spot Ether ETFs is projected for July 23.

Balchunas stated that the SEC has communicated to issuers, instructing them to finalize their S-1 documents, along with fees, by Wednesday. The regulator is expected to request effectiveness shortly after the market closes on Monday, setting the stage for the launch on Tuesday.

Prominent Wall Street firms, including major financial players, have been in negotiations with the SEC for weeks, striving to launch their spot Ether ETFs as soon as possible.

These new financial products have been progressing toward a potential US launch since the SEC approved key regulatory filings from applicants in late May. However, the SEC still needs to green-light the applicants’ S-1 filings before these offerings can be traded on exchanges.

The momentum for Ether ETFs follows the successful launch of spot ETFs earlier this year. Since then, numerous financial institutions have been eager to gain approval for an ETF that enables investors to speculate on Ether’s price without the need to directly purchase the cryptocurrency.