SEC Provisionally Sanctions Three Ethereum-Based ETFs, Trading Could Begin July 23
The SEC has provisionally sanctioned at least three Ethereum-based exchange-traded funds, with trading set to begin as early as July 23. This development comes after the successful launch of U.S. spot Bitcoin ETFs in January, marking another major win for the cryptocurrency industry’s push to mainstream digital assets.
According to a Reuters report, industry sources revealed that the approval of the ETFs hinges on the applicants submitting final offering documents to regulators by the end of this week. Among the eight asset managers whose applications are likely to be approved are BlackRock, VanEck, and Franklin Templeton. Trading in the products is expected to begin the next day.
Bloomberg ETF analyst Eric Balchunas also confirmed the news, stating that the SEC has asked applicants to submit final S-1 documents, including fee information, by Wednesday this week. He anticipates a July 23 launch, provided no unforeseeable last-minute issues occur.
Gemini, a cryptocurrency exchange, anticipates a bright future for Ethereum with the imminent launch of spot ETFs in the United States. Their research report suggests a surge of investor interest, estimating net inflows of up to $5 billion within the first six months of trading. This influx of capital could push Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.
At the time of writing, Ethereum was trading at $3,473.37, following a 5.95% spike in the last 24 hours. This news is sure to have a significant impact on the cryptocurrency market and the broader financial industry as a whole.
