Good news from Bloomberg Analyst for that Altcoin! Pay Attention to This Date

Bloomberg analyst Eric Balchunas has revised the estimated timeline for the launch of the highly anticipated spot Ethereum ETF. The earliest approval date for the altcoin is now July 2. This change follows SEC staff’s recent disclosures to issuers of S-1 papers; It was stated here that the process was going well and that there were only a few comments that should be addressed within a week.

The approval process for Altcoin ETF approval has accelerated

There has been an exciting development for the long-awaited launch of spot Ethereum ETFs. Bloomberg analyst Eric Balchunas pointed out July 2, one day before the previously claimed July 4 date, as the possible launch day. This change for the altcoin comes after recent statements from US Securities and Exchange Commission (SEC) officials, who signaled that they are stepping up the review process on ETF issuers’ S-1 form documents.

According to Balchunas’ statement, the SEC began providing feedback on issuers’ S-1 forms. This indicates that the approval process is accelerating. “Everything seems fine except for a few points that will most likely need to be addressed within a week,” the analyst said. “In this way, it may be possible for ETFs to be approved next week and begin processing before the holiday weekend.” he used his words.

The fact that the launch date, which was previously predicted to be July 4, was brought forward one day is considered a positive development for analysts who are prepared for possible delays. The SEC’s swift feedback shows that it is ready to approve the Ether ETFs that investors and market analysts have been waiting for for a long time.

Ether ETF statement from SEC Chairman

This development regarding the approval of Ether ETFs comes at a time when the legal framework of cryptocurrencies is beginning to become clear. In his testimony at a Senate Appropriations Committee hearing, SEC Chairman Gary Gensler had assumed approvals would “occur gradually over the summer.” Senator Bill Hagerty also commented on this timeline, thanking Gensler for claiming to complete the process “by the end of summer.”

The launch of Ether ETFs is expected to provide institutional investors with a compatible investment path into crypto assets and drive the growth of classical investments in these assets. This development follows a precedent that began influencing market trends with the approval of Bitcoin-based ETFs. The market welcomed these developments positively. Investors have begun to evaluate the possible impact on Ethereum’s liquidity and price. In the coming days, it is expected that definitive information will come about the launch date and it will be clearer how the market will react to ETFs.