More than two weeks have passed since the approval of Ethereum (ETH) spot exchange-traded funds and there still appears to be little visibility on the actual launch.

The funds will only be allowed to enter the US stock exchanges when, in addition to the already approved 19b-4 applications, an agreement has been reached on the S-1 applications. However, the US Securities and Exchange Commission (SEC) does not seem to be rushing.

Patience of Ethereum ETF issuers put to the test

On Thursday, May 24, all 19b-4 ethereum spot ETF applications were approved by the SEC. This concerns a total of 8 different applications, from giants such as BlackRock and Fidelity.

By approving these applications, the regulator has given permission for the ETFs to be listed on their respective stock exchanges. However, it does not mean that the ETF may be offered directly. This is where the S-1 filing comes in, which contains detailed information about the fund.

Just a week after the approvals, BlackRock filed a revised S-1 filing with the SEC. The financial watchdog is then said to have asked the other seven ETF issuers to submit their updated forms by Friday, May 31.

The publishers have complied with this, but to this day are still waiting for feedback from the regulator. Sources from two different publishers informed The Block.

The issuers in question had originally expected to receive comments from the SEC last Friday. Now they have set their sights on a hearing from the committee this week.

Launch ETH funds dependent on issuers?

It is not clear exactly how long the process will take. This depends, among other things, on how often the respective S-1 applications will have to be edited.

Remarkably, SEC Chairman Gary Gensler hinted in an interview with CNBC last week that the SEC has no intention of delaying the launch process. He said that the moment of approval will depend on the speed at which publishers respond to the feedback points.

However, it now appears to be the SEC that is causing a delay in the process, if we can believe the anonymous sources.

Bloomberg ETF analyst Eric Balchunas previously set a target date of July 4 for a possible launch. He expects that publishers will have to make one more adjustment based on the feedback they receive. It remains to be seen whether his prediction will come true.

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