The U.S. Securities and Exchange Commission (SEC) has returned the S-1 forms to prospective Ethereum ETF issuers in the latest round of back-and-forth before the funds can go effective. The forms were handed back with light comments, and the issuers have been asked to address the issues and refile them by July 8.
Key Takeaways:
- The SEC has returned the S-1 forms to Ethereum ETF issuers with light comments, asking them to fix the issues and refile them.
- There will need to be at least one more round of filings before the ETFs can finally start trading.
- Issuers are not yet aware of when the ETFs will go live, as they will only have a clearer picture once the SEC gives them a deadline for the final filings.
- The timeline for the Ethereum ETF approvals remains uncertain, with the July 4 target now out of the question.
The Process Toward ETFs Going Live
The S-1 forms are the second part of a two-step process for the Ethereum ETFs to go live. The first part saw issuers’ 19b-4 forms approved in May ahead of a key deadline. However, the S-1s are not bound to any specific deadline, and issuers are dependent on how quickly the SEC can turn them around.
“Never ceases to be a winding path,” a source at one issuer noted.
This means there will need to be at least one more round of filings before the ETFs can finally start trading. Issuers are not yet aware of when the ETFs will go live, as they will only have a clearer picture once the SEC gives them a deadline for the final filings to be handed in.
Timing Uncertainty
While there had been reports that the Ethereum ETFs could go live as early as July 4, this is now out of the question. SEC Chair Gary Gensler previously said that the approvals could take place “sometime over the course of this summer,” but he did not provide any clearer timeline.
