SEC: Spot ETH, ETF issuers can start trading on July 23

Sources revealed that the U.S. Securities and Exchange Commission (SEC) informed issuers of spot Ethereum ETFs that trading can begin on July 23. The SEC had no further comment on the recently filed S-1, which requires a final version to be filed by Wednesday. Eric Balchunas, senior ETF analyst at Bloomberg, tweeted that the SEC finally responded to the issuer, requiring them to submit the final S-1 form (including fees) on Wednesday, and then the application will take effect after the market closes next Monday so that it will be effective on Tuesday (7 Launched on 23rd March). This is of course assuming there are no unforeseen last minute issues. According to Reuters, three industry sources said that the U.S. Securities and Exchange Commission (SEC) has given preliminary approval to at least three asset managers to start trading Ethereum spot ETFs starting next Tuesday, while a total of eight asset managers hope to launch such funds. . Approval is conditional on the applicant submitting final offering documents to regulators by the end of the week, sources said. Eight companies are expected to launch such funds at the same time, one of the people said. A spokesman for the U.S. Securities and Exchange Commission (SEC) said the agency does not comment on individual filings.

The U.S. Securities and Exchange Commission (SEC) on Monday informed potential issuers of spot ether (ETH) exchange-traded funds (ETFs) that the funds can begin trading next Tuesday, two people familiar with the matter told CoinDesk.

SEC officials told one issuer that the regulator had no further comment on the recently filed S-1 document and that the final version needs to be filed by Wednesday, a source said, adding that the funds could then file on July 23 listed on the exchange on Tuesday.

A second source said the ETF will take effect next Monday, with trading likely to begin on Tuesday.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, first reported the development in a social media post.

The issuer filed an amended S-1 last week but has yet to disclose some details, including how much management fees they will charge investors. So far, only a handful of issuers, including VanEck and Invesco Galaxy, have disclosed their fees.

Cryptocurrency exchange Gemini predicts that once listed, the spot Ethereum ETF could see inflows of up to $5 billion in the first six months. Steno Research said it expects inflows to be as high as $20 billion in the first year.

Ethereum prices rose as much as 7.3% on Monday, outpacing Bitcoin’s 6% gain, on news that the ETF will begin trading next week. The broader market index CoinDesk 20 is up 5.6% today.

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