Brayden Lindrea7 hours agoSEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: ReportBlackRock, Franklin Templeton, and VanEck have reportedly received preliminary approval from the US securities regulator, sources say.6146 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States Securities and Exchange Commission has reportedly given “preliminary approval” to at least three asset managers for their spot Ether exchange-traded funds — adding fuel to speculation that the ETFs will begin trading as early as next Tuesday.
SEC approval is now only contingent on applicants submitting final offering documents to the regulator before the end of this week, “three industry sources” told Reuters in a July 15 report.
Those applicants included BlackRock, Franklin Templeton and VanEck, the sources said.
Fidelity, ARK 21Shares, Grayscale, Bitwise and Invesco Galaxy are also in the running to launch their Ether products next week.
One of those sources told Reuters that all eight spot Ether (ETH) ETFs are expected to launch simultaneously — similar to how the SEC handled the spot Bitcoin (BTC) ETFs.Source:Nate Geraci
Cointelegraph reached out to BlackRock, Franklin Templeton and VanEck but didn"t receive an immediate response.
It comes as the SEC reportedly delivered final instructions to asset managers preparing to launch Ether exchange-traded funds (ETFs).
According to Bloomberg ETF analyst Eric Balcunhas, the Commission instructed issuers to submit their final S-1 filings by July 16.
Balchunas noted all applicants must state the fee attached to their spot Ether ETFs when submitting their amended S-1 filings this week.
He also expects the SEC to officially approve the S-1s next Monday after trading hours close — allowing the spot Ether ETFs to officially start trading on Tuesday, July 23.
Gary Gensler’s commission delivered a first round of feedback on the S-1 filings in late June, which came about five weeks after the SEC approved the 19b-4 filings on May 23.
Related:Ether could outperform Bitcoin after spot ETF launch: Kaiko
Reuter’s report is consistent with recent comments shared by Bitwise’s chief compliance officer, Katherine Dowling, who said they have seen “fewer and fewer issues” vetted back and forth between the issuers and the SEC with the amended S-1 filings.
“So that points all signs in the direction that we are close. We’re close to the finish line on the launch,” Dowling said on July 9.
Bitwise’s chief investment officer Matt Houganspeculated that the spot Ether ETFs couldattract up to $15 billion in inflows in the first 18 months of trading — roughly the same amount that the spot Bitcoin ETFs have mustered since launching six months ago.
If approved, the spot Ether ETFs would be listed on the Nasdaq, New York Stock Exchange and the Chicago Board Options Exchange.
Ether is currently trading at $3,484, up 6.7% over the last 24 hours.
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