It won’t be long before US stock exchanges welcome the recently approved Ethereum (ETH) spot exchange-traded funds (ETFs). At least, that is what the well-known Bloomberg ETF expert Eric Balchunas thinks.
While Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), vaguely indicated yesterday that he expected a launch “sometime this summer”, Balchunas is now bringing good news to the crypto country.
ETH funds are coming
The SEC approved all 19b-4 Ethereum ETF applications more than three weeks ago. There were a total of 8 pieces, from Wall Street giants such as BlackRock and Fidelity. Although the approval was welcomed in the crypto world, it is not enough in itself to actually create the funds.
In addition to the 19b-4 applications, the associated S-1 applications must also receive the green light. Until then, the funds are not allowed to make their stock exchange debut. However, it doesn’t promise to be very exciting. The main question is when these applications will receive approval.
Blachunas announced yesterday on social media platform The ETF expert noted that the SEC’s comments on the recently filed revised S-1 filings were “fairly light, nothing major,” and that they withdrew them within a week.
”There’s a reasonable chance they’re working on declaring them effective next week and getting it off their plate before the holiday weekend. Everything is possible, but this is our best bet at the moment,” Balchunas said.
Independence Day is celebrated in the United States on July 4, so Balchunas believes the SEC will want to put an end to this issue before then.
Transformation in trust
After the previous approval of the 19b-4 applications, many were afraid that the financial watchdog would delay the launch process. However, Gensler announced a while ago that the moment of approval will depend on the speed at which publishers respond to the feedback points.
Last week, confidence in an early welcome of Ethereum funds took another nosedive after it became known that the SEC had still not provided feedback at the time. Balchunas previously set its sights on July 4 as a launch date, but last week considered postponing it.
Now suddenly things look very different, to the relief of the Ethereum community. However, it remains to be seen how successful the launch will be, and how Ethereum’s price will react.
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Source: https://newsbit.nl/bloomberg-analist-ethereum-etfs-worden-op-deze-dag-gelanceerd/
