u.today
During a Thursday hearing held by the Senate Appropriations Subcommittee on Financial Services, US Securities and Exchange Commission Chair Gary Gensler told Senator Bill Hagerty (R-TN) that he expects the agency to approve S-1 forms for spot Ethereum exchange-traded funds (ETFs) "sometime over the course of this summer."
As reported by U.Today, the SEC unexpectedly greenlit the listing and trading of eight Ether ETFs by greenlighting their respective rule rules changes (19b-4 forms).
However, the approval is a two-step process. Before Ethereum ETFs can go live, they have to clear another hurdle. The SEC has yet to approve S-1 registration forms that contain in-depth information about the products that will be offered to the public.
In late May, the agency requested updated S-1 forms from prospective issuers. "Will be interested to see changes in the next batch of amended S-1s. There can't be *that* much work left to do," ETF analyst Nate Geraci said.
James Seyffart, a well-regarded Bloomberg analyst, appears to be confident that Ethereum ETFs will go live this summer. "July was and is a complete guess. But I was more confident in saying that ETH ETFs will launch at some point this summer. That was sort of a given," he said in a post on the X social media network.
As reported by U.Today, JPMorgan predicted that Ethereum ETFs would attract modest inflows compared to Bitcoin ETFs.
In the meantime, Bitcoin ETFs recorded $100 million worth of inflows, with Fidelity's Wise Origin Bitcoin Fund (FBTC) leading the charge.