Bitwise Spot ETH ETF Nearly Launched, SEC Open to New Financial Products

The spot Ethereum ETF is expected to be officially launched this summer, however, other types of fund products may have to wait longer.

Katherine Dowling, chief commercial officer at Bitwise Dowling revealed that the launch of a spot ETH ETF is nearing completion, and she affirmed the U.S. Securities and Exchange Commission’s (SEC) openness to discussions on other products.

On July 9, Dowling pointed out in an interview with Bloomberg that as the SEC and ETF issuers gradually reduce issues in the S-1 amendment, this indicates that the launch date of the ETF is approaching. She cited SEC Chairman Gary Gensler's remarks, confirming that the SEC is expected to fully approve issuers' registration statements in the summer, although the exact timing has not been specified. Dowling also humorously expressed that for publishers who are anxiously waiting, this summer may seem particularly long.

Dowling also highlighted Bitwise's expertise in the cryptocurrency space, saying the company was interested in distinguishing itself from other applicants, such as large institutions such as BlackRock and Fidelity.

It is reported that Bitwise submitted the latest revised version of its application on July 3, while many other applicants completed their revisions before the July 8 deadline. Nonetheless, applicants will still need to add some details, including sponsor fees, in future revisions.

SEC is open to new discussions

Katherine, Chief Commercial Officer at Bitwise Dowling revealed that the company has had discussions with the U.S. Securities and Exchange Commission (SEC) about some potential new products that will be launched soon, and is optimistic about these conversations. “Our communications with the SEC regarding the future prospects of these products have been very positive and productive,” she said.

However, Dowling agreed with Bloomberg ETF analyst Eric Balchunas that certain products may need to be approved under a new SEC chairman. She pointed out that due to the unclear process of previous product approvals and the unclear market prospects for potential products, the launch process of these products may still take quite a long time.

Dowling did not specify the names of the products involved. Currently, in addition to Bitwise, VanEck and 21Shares have submitted applications for spot Solana (SOL) ETFs and are waiting for approval. According to latest reports, Bitwise has yet to file a similar product application.

Conclusion:

With the launch of the spot Ethereum ETF imminent, Bitwise’s active communication and professional positioning demonstrate its positive attitude in the field of cryptocurrency ETFs. Despite facing uncertainty about SEC approval and market competition, Bitwise is confident in its upcoming new products.

At the same time, the SEC's openness to new discussions brings hope to the industry, indicating that more innovative financial products may enter the market in the future, further enriching investors' choices.

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