The Securities and Exchange Commission (SEC) of the United States is set to make a significant move in the cryptocurrency market as it grants “preliminary approval” to three major asset managers for the launch of spot Ether exchange-traded funds (ETFs). According to industry insiders, this development could kickstart negotiations as early as next Tuesday.
According to sources familiar with the matter who spoke to Reuters, the SEC is now waiting for applicants, including financial giants like BlackRock, Franklin Templeton, and VanEck, to submit their final bid documentation by the end of this week. This step is crucial for the effective trading of ETFs.
In addition to these firms, other major players like Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also vying to launch their Ether-based products as early as next week. One of the sources emphasized that it is expected that all eight Ether ETFs will be launched simultaneously, following the model set by the SEC for spot Bitcoin ETFs.
“This points to the fact that we are nearing the finish line. We are close to the launch,” commented Katherine Dowling, director of compliance at Bitwise, expressing the market’s optimism about the imminent approval.
Bloomberg ETF analyst Eric Balchunas noted that issuers have been instructed to submit their final S-1 filings by July 16. Balchunas predicts that the SEC could officially approve these filings as early as next Monday, after the market closes, paving the way for spot Ether ETF trading to commence on Tuesday, July 23.
If approved, Ether spot ETFs will be listed on major exchanges such as Nasdaq, the New York Stock Exchange, and the Chicago Options Exchange. Currently, Ether is trading at $3,484, representing a 6.7% increase in the past 24 hours.
Disclaimer: The opinions expressed in this article, whether by the author or individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
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