Crypto expert attracted attention with his Ethereum comment

Bloomberg analyst Eric Balchunas, spot Ether ( ETH) exchange traded funds ( ETF‘s) is expected to start seeing progress in the United States in July.

Balchunas updated his prediction for the launch of spot Ether ETFs and stated his assumption as July 2. Crypto expert, U.S. Securities and Exchange Committee ( SEC) worker sent comments to issuers on S-1 filings and identified them without major trouble, he said.

Stating that the SEC is seeking response within a week, he suggested that there is a good chance the ETFs could be declared valid next week, potentially before the “holiday weekend.”

What’s the latest on Spot Ethereum ETFs?

On June 13, SEC Chairman Gary Gensler provided some clarity on ETH ETFs during his testimony to Senator Bill Hagerty.

Gensler stated that he expects S-1 applications for spot Ethereum ETFs to be approved by the end of summer. This statement strengthened the belief that approval will likely occur within the next few months, although there may be some delays. Balchunas also stated that spot Ethereum ETF issuers are awaiting feedback from the SEC’s Division of Corporate Finance (Corp Fin) on the S-1 filings they filed two weeks ago.

Explaining that this delay was due to Corp Fin reviewing these documents for the first time, he underlined that this unexpected situation was due to a possible last-minute political change within the SEC, which also surprised Corp Fin. Balchunas also emphasized that there is uncertainty about how quickly Corp Fin can prioritize and process applications.

Some observers think that Ethereum ETFs may not attract as much attention as Bitcoin (BTC) ETFs because they do not offer staking services.