Hot Development: SEC Chairman Sets Date for Spot Ethereum ETF!

Potential Ethereum ETF issuers had been waiting for the SEC to comment on draft applications by the end of last week. However, the SEC remained silent on the issue. In a hot development today, SEC Chairman Gary Gensler hinted at a possible date for Ethereum ETFs. Accordingly, Gensler expects the Ethereum spot ETF S-1 to be approved in the summer.

SEC Chairman: Ethereum ETFs will receive S-1 approval in summer!

cryptokoin.com As you follow from, the SEC recently gave the green light to spot Ethereum ETF applications. However, S-1 forms must be approved before trading in these works can begin. For a while, the market has been abuzz with claims about when this approval will happen. Finally, SEC Chairman Gary Gensler pointed out a time frame on the issue. Gensler predicted in a meeting with U.S. Senator Bill Hagerty that S-1 forms will be approved by the end of the summer. Fox reporter Eleanor Terrett announced the development with the following statement on her X account:

I’m clarifying the details: Gensler said “through this summer,” while Hagerty said “by the end of summer.”

Gensler: “I foresee sometime during this summer…”

Hagerty: “If you are telling me that these applications will be approved by the end of the summer, I appreciate that.

Gensler’s expectation coincides with the claims of market analysts that the approval will take place in June and July. The SEC previously approved 19b-4 applications for spot Ethereum ETFs in May. However, these ETFs require additional approval of S-1 filings before they can begin trading.

Potential spot Ethereum ETF issuers await

Issuers assumed the SEC would comment on these drafts on June 7. However, at least two issuers have now received nothing. A source said they expect comments to come back this week. This comes after SEC Chairman Gary Gensler said on CNBC last week that approval of S-1 forms “will take some time.” It is unclear exactly how long the process will take. A source previously said they expect the S-1 forms to go through at least two more draft filings before they are ready.

Ethereum ETF gearing up for launches

The S-1 forms are the second step in a two-phase process for spot Ethereum ETFs to begin trading. Step one was the approval of the 19b-4 forms, which occurred on May 23. The draft documents also reveal a few details. BlackRock seeded its ETF with $10 million, while Franklin Templeton plans to start at 0.19%.

Once spot Ethereum ETFs are implemented, an important question will be whether they will attempt to replicate the success of spot Bitcoin ETFs. Bitfinex Head of Derivatives Jag Kooner assumes they will bring in around 10-20% of flows going into spot Bitcoin ETFs.