Media: SEC has yet to comment on applications to launch spot ETH ETFs
The documents were submitted to the commission as early as the end of last month
11.06.2024 - 10:22
184
3 min
0
What’s new? Investment firms are still yet to receive comments from the US Securities and Exchange Commission (SEC) on their applications to launch Ethereum-based spot exchange-traded funds (ETFs), The Block reports, citing sources. The latest versions of Form S-1 filings to register new securities (fund shares) were sent to the SEC back on May 31, and a response was expected by June 7.
What else is known? On May 23, the SEC partially approved spot ETH ETFs by approving Form 19b-4 filings to change trading rules. These filings were made by stock exchanges that plan to list the new products. However, S-1 filings from the fund issuers themselves must also be approved before trading can open.
Investors put $2 billion into crypto derivatives over the week
Inflows into digital asset-based investment products continued for the fifth week in a row
SEC Chairman Gary Gensler had said that the review of S-1s could take some time, and experts conceded that their approval could be delayed.
At the same time, Gensler said on June 5 that the timing of the launch of ETH funds depends solely on the issuers themselves. In particular, on how quickly they will respond to the agency’s comments and make the necessary changes to the documents.
These filings include information on initial capital and fees, among other things. For example, BlackRock reported raising an initial investment of $10 million, and Franklin Templeton set a management fee of 0,19%.
Grayscale has selected Coinbase as the ETH custodian for its spot ETF
The US exchange already holds 90% of assets under BTC ETF management
According to media sources at several pending firms, initial comments from the commission have not yet been received. The firms are now expecting feedback within this week.
Most of the pending approval issuers are currently already managing similar bitcoin-based products. Local peak daily inflows into spot BTC ETFs peaked at $886,75 million on June 4.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024