The US Securities and Exchange Commission (SEC) has hinted at the upcoming approval of Ether exchange-traded funds (ETFs) by July 22nd, according to sources in the industry. At least three out of the eight firms seeking approval have been informed that they are likely to receive the green light to introduce these new products by July 23.
Industry insiders have revealed that the regulators have instructed these firms to submit their final offering prospectuses by the end of the current week. If these submissions meet the necessary requirements, the SEC is expected to provide an official “effective date” for the new products on Monday, July 22. This paves the way for a potential launch on Tuesday, July 23.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, has projected the launch of spot Ether ETFs for July 23. Major players on Wall Street, including BlackRock Inc and Fidelity National Financial Inc, have been engaged in discussions with the SEC to expedite the approval process. These financial institutions are eager to introduce Ether ETFs to allow investors to speculate on Ethereum’s price without directly purchasing the cryptocurrency.
The push for Ether ETFs follows the successful launch of spot Bitcoin ETFs in January. This has sparked interest among various financial institutions to seek approval for similar products for Ethereum. While regulatory filings were approved in May, the final step lies in gaining approval for S-1 filings before these offerings can be traded on exchanges.
Anticipated Market Response
Investors and industry experts are eagerly awaiting the launch of Ether ETFs, anticipating a positive response from the market. The ability to invest in Ether through regulated ETFs provides a more accessible and familiar avenue for investors to participate in the cryptocurrency market.
The impending approval of Ether ETFs by the SEC signals a significant milestone in the evolution of the cryptocurrency market. This development opens up new opportunities for investors and institutions to engage with Ethereum without the need to directly acquire the digital asset. As the launch date approaches, all eyes are on the SEC and the participating firms to see how the market will respond to this latest financial innovation.