[NEWS] SEC May Approve Ethereum Spot ETF by Independence Day

The SEC (Securities and Exchange Commission) may approve an spot Ethereum (ETH) ETF by Independence Day (July 4th). Reuters reported on the 26th, citing anonymous sources.

Currently, the SEC is in the final stages of discussions between asset management companies and regulators, and will approve a spot Ethereum ETF as early as next month 4th.

Eight asset management companies, including BlackRock, VanEck, Franklin Templeton, and Grayscale, are seeking SEC approval for their funds. Most of these companies launched Bitcoin spot ETFs in January this year.

Executives from both companies, who requested anonymity, said that the content of the discussions is confidential, but that the process of amending the application documents has progressed to the stage of resolving "minor" issues. The ETF needs to be approved before it can be officially traded.

A lawyer for one of the issuers, who spoke on condition of anonymity, said the process was "finalizing" and approval "probably within a week or two."

VanEck could be first for spot Ethereum ETF

The SEC declined to comment on the matter. Earlier this month, in an interview with Reuters, SEC Chairman Gary Gensler said the process to launch an Ethereum spot ETF was progressing well and that the launch date "will depend in part on how quickly the issuer responds to regulators' questions."

On the 25th, VanEck filed a Form 8-A for a spot Ethereum ETF, seemingly signaling that the ETF could soon trade on exchanges.

A spot Bitcoin (BTC) ETF launched in January and became the most successful fund in the history of the ETF market, raising about $8 billion, according to data from Morningstar Direct. As of late June, the assets of nine spot Bitcoin ETFs have already exceeded $38 billion (approximately 6.8 trillion yen). If a spot Ethereum ETF is launched, it is expected that a similar amount of assets will flow into the fund.

Reference: Reuters
Image: Shutterstock

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