Hopes for a spot Ether ETF remain high as Nate Geraci, President of ETFStore, reiterated his optimism about an imminent launch, even as issuers filed amended S-1 forms with the SEC on Monday.
Spot eth ETF S-1 amendments supposedly due tomorrow…
How quickly will SEC turn these around?
Again, main item I’m watching for is fees (which won’t be required w/ these amendments).
Otherwise, assume issuers gearing up for launch in next week or two.
— Nate Geraci (@NateGeraci) July 7, 2024
In late June, the Securities and Exchange Commission returned the S-1 forms to issuers, requesting changes. While issuers were asked to resubmit by July 8, there are suggestions that there might be at least one more round of filings.
Notably, the S-1 forms represent the next step toward final approval of the spot Ether ETF, following the 19b-4 forms, which the SEC approved in May 2024. As the S-1 forms do not have a deadline, issuers are eagerly awaiting the SEC’s decision. As Geraci wrote, “How quickly will the SEC turn these around?”
In another X post, Geraci predicted a possible launch of the spot Ether ETF by July 15. He further asserted that he would be shocked if it did not launch within the next two weeks.
Since the surprising approval of the 19b-4 filing, Ether’s price has dropped 20%. Analysts and traders are closely monitoring ETH’s price movements while anticipating the approval of the S-1 forms. At press time, ETH was trading at $2,888, down 5.3% in a day.
There were initial speculations that the SEC would approve the filings by July 4. With SEC Chair Gary Gensler hinting at a smooth approval process, some analysts expected the ETF to launch in the first week of July.While the SEC’s decision remains pending, the crypto world is holding its breath, hoping that a spot Ether ETF will soon turn from speculation to reality. With Ether’s recent price dip, the question on everyone’s mind is whether the SEC’s approval will be the catalyst for a rebound, or whether the crypto winter will continue its chilling effect.
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