Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has announced that the process for approving Ethereum Spot ETFs is making progress, attracting the attention of investors and cryptocurrency enthusiasts amidst the current financial market scenario. This announcement was made during his participation in the Bloomberg Investment Summit.
Gensler stated that while the approval of the Ethereum ETF was successful, the exact launch date remains uncertain. He mentioned that “individual issuers are still working through the registration process, which is working smoothly.” The SEC president predicts that the launch will likely take place in the summer, emphasizing that only “disclosure and registration” are necessary for completion.
ETF analyst Eric Balchunas at Bloomberg supported this prediction, stating that US Spot Ether ETFs could potentially be launched as early as July 2nd. He noted that the SEC approved 19b-4 filings for eight of these ETFs in the last month, but final approval of S-1 filings is still pending before the ETFs can begin trading.
Balchunas also highlighted the financial aspect, noting that the fees for Ethereum Spot ETFs appear to be as low or even lower than those for Bitcoin Spot ETFs. Large managers such as Blackrock and Vaneck have announced competitive rates, with Blackrock starting with an investment of US$10 million and Vaneck publishing a rate of just 0.20%.
This progress marks a significant milestone for the cryptocurrency market, expanding investment opportunities and solidifying Ethereum’s position on the global financial scene. The SEC’s next steps will be crucial in determining the trading start date and subsequent market impact.
At the time of publication, the price of ETH was quoted at US$3,402.40, showing a 4% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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