- The launch of Ethereum ETFs remained uncertain despite Gensler’s summer prediction.
- SEC’s cautious crypto stance contrasted with the Bitcoin ETF approval under Gensler.
As an analyst with a background in cryptocurrencies and securities regulation, I’ve been closely following the developments surrounding the potential launch of Ethereum [ETH] exchange-traded funds (ETFs). While there have been signs of progress, the uncertainty surrounding their approval remains a significant concern.
With growing excitement, the imminent debut of an ETF based on Ethereum [ETH] spots is drawing considerable interest.
As a compliance analyst, I’d like to add that Katherine Dowling, Bitwise’s chief compliance officer, underscored the ambiguity regarding the specific launch date.
Bitwise CCO on ETH ETF
Although SEC Chairman Gary Gensler had forecasted a summer launch for the ETH ETF, Dowling indicated during a Bloomberg interview that,
In the revised S-1 filings, it appears that the number of disputes between companies and the Securities and Exchange Commission over disclosed information is decreasing.
She further added,
“This indicates that we are making good progress and nearing the completion of the launch.”
Time for a crypto-friendly SEC admin?
It’s unexpected that Bitwise was among the pioneers in making advance preparations, having submitted an adjusted S-1 form to the SEC before schedule on July 8th.
Back in the day, this action ignited great anticipation among cryptocurrency enthusiasts regarding the forthcoming approval of an ETF based on Ethereum.
Due to the SEC’s careful approach towards cryptocurrency under the Biden administration, there have been significant delays and uncertainties in the approval process.
Expanding on the topic, Eric Balchunas, Senior ETF Analyst at Bloomberg, put it well when he said,
As a researcher investigating the timeline for Solana Exchange-Traded Funds (ETFs), I’ve discovered that the final deadline for their launch is set around mid-March 2025. However, it’s essential to note that there is a significant date to keep in mind before then. Should current political trends continue, this event could potentially derail the ETFs’ progress. Specifically, if Democratic nominee Joe Biden wins the presidential election in November 2024, these ETFs might face insurmountable challenges and ultimately fail to materialize. Conversely, if Republican nominee Donald Trump secures another term, anything is possible regarding the Solana ETFs’ fate.
Reiterating the same, Dowling added,
“It’s going to take a significant amount of time before we can release certain products for sale, considering our past experiences bringing similar items to market and the absence of futures markets for some of these potential commodities.”
Not all bad things!
Additionally, she pointed out that the Securities and Exchange Commission (SEC) could bring about optimistic outcomes during the exchange-traded fund (ETF) approval procedure with her remarks.
In our interactions with the SEC regarding these products, I believe the dialogues have been rather encouraging.
The SEC’s new leadership under Gensler has recently approved a long-anticipated Bitcoin (BTC) ETF after previously showing little interest in cryptocurrencies.
It’s worth mentioning that the Bitcoin ETF has shown exceptional growth since its launch on January 11th. According to the most recent data from Farside Investors, dated July 9th, the ETF has attracted a total of $216.4 million in investments.
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2024-07-11 06:15