Expectant spot Ethereum ETF suppliers await the SEC’s view-point on their S-1 filings, following them forwarding their initial drafts on the 31st of May, 2024.
The suppliers were under the impression that the SEC will offer their view-point about their sent drafts by the 7th of June. However, the fact remains that two of the supplies have yet to get any kind of response. Presently, they are presuming it will be towards the end of the week.
This follows Gary Gensler, the chair of the SEC, divulging that any decision on the matter will be made after a while.
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There is absolutely no surety of the period the procedure will entail, but, in the opinion of reliable sources, the process will involve two further rounds of draft collection before any closure occurs.
The S-1 filing is part of the second stage of a two-stage procedure, after which the spot Ethereum ETFs may become active for trade. The initial stage consisted of the consent regarding the 19b-4 forms, which took place on May 23rd, 2024.
The draft filings have exposed the fact that BlackRock is seeding its ETF with $10 million, whereas, Franklin Templeton is intending to begin with a fee of 0.19%.
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At the time of the spot Ethereum ETFs becoming active, the doubt will arise as to them being able to follow the footsteps of the spot bitcoin ETFs’ success story. As per the Head of Derivatives at Bitfinex, Jag Kooner, they might be successful in coming up with around 20% of inflows from the kitty of spot bitcoin ETFs.
