SEC chair: Speed of launch of spot ETH ETFs depends on their issuers
Investment companies need to get approval of applications to launch new securities to start trading
07.06.2024 - 13:35
219
2 min
0
What’s new? US Securities and Exchange Commission (SEC) chair Gary Gensler has commented on the situation with Ethereum-based spot exchange-traded funds (ETFs), which were partially approved by his agency last month. According to Gensler, the full launch of such products does not depend on the SEC, but on how quickly issuers respond to officials’ comments on their applications.
What else is known? Spot BTC ETFs were admitted to the US market on January 11, with 11 such funds currently trading on local stock exchanges: GBTC from Grayscale, IBIT from BlackRock, FBTC from Fidelity, ARKB from ARK Invest and 21Shares, BITB from Bitwise, BTCO from Invesco and Galaxy, HODL from VanEck, BRRR from Valkyrie, EZBC from Franklin Templeton, BTCW from WisdomTree and DEFI from Hashdex.
Following the successful launch, most of these companies have also announced plans to launch similar products based on the largest altcoin. In late May, the SEC approved the Form 19b-4 trading rule change applications filed by stock exchanges preparing to list ETH ETFs.
However, to launch the funds, the SEC must also approve Form S-1 applications for registration of new securities (fund shares) filed by the issuers themselves. Some experts have suggested that the regulator may significantly delay this process, while others have suggested that the funds will be approved within three months at most.
Inflow into the Australian spot BTC ETF amounted to 1 bitcoin on the first day of trading
The fund’s issuer predicted high demand and is already planning to launch a similar ETH-based product
Earlier this week, Gensler also said that the review of S-1 applications could take some time. However, his new remarks indicate that the commission probably does not intend to delay approval and is waiting for initiative from issuers.
“These registrants are self-motivated to be responsive to the comments they get, but it’s really up to them how responsive they are,” the official said.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$89 812
BTC
-1.13%
-
Ethereum
$3 077.49
ETH
-2.12%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.08
XRP
-6.09%
-
Dogecoin
$0.364544
DOGE
+0.03%
-
Cardano
$0.704303
ADA
-7.39%
-
Bitcoin Cash
$433.23
BCH
-6.91%
-
Polkadot
$5.41
DOT
-7.37%
-
Litecoin
$87.36
LTC
-8.8%
-
Stellar XLM
$0.203468
XLM
-7.16%