Katherine Dowling, Bitwise’s chief compliance executive claims that ‘very few’ problems in the S-1 filings are witnessing a back-and-forth exchange between the SEC and potential ETF issuers.
A list of eight U.S.-founded spot Ether exchange-traded funds (ETFs) are nearly going live. However, Katherine Dowling, Bitwise’s chief compliance officer, claims a specific date is still unknown.
ETH ETFs Edge Closer to Approval
On July 9, the executive noted that they are seeing in the S-1 changes that there are fewer problems being evaluated back and forth between the Securities and Exchange Commission (SEC) and issuers. This indicates that they are near the finish line on the unveiling.
Form S-1 offers data regarding the issuers and the securities they plan to offer. Following approval, the products can be unveiled. Gary Gensler, the United States SEC’s chair, envisaged that the spot Ether exchange-traded funds will be unveiled sometime in the summer.
(Advertisement)
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!
Dowling observed that people have differing definitions of summer. It has been a bit of a lengthy, hot summer for the issuers waiting.
Most spot Ether exchange-traded fund issuers have waited for six for the Securities and Exchange Commission S-1 to sign off their registration statements. This is after the approval of several 19b-4 fillings on May 23. Early this month, the issuers submitted their revised S-1s following the provision of a first round of feedback by the regulator.
Matt Hougan, Bitwise’s chief investment officer, predicted that in the initial 18 months of trading, the spot Ether ETFs could attract up to $15B in inflows. This figure is nearly equal to the amount collected by the spot Bitcoin ETFs since their unveiling.
Will SEC Approve Funds Beyond ETH and BTC?
According to Dowling, the Securities and Exchange Commission has also been willing to discuss matters regarding non-Bitcoin and Ether products. She noted that they have spoken with the regulator concerning the prospect of what is happening with new products. She also noted that their communication with the Securities and Exchange Commission concerning the product prospects has been welcoming.
On July 8, the Chicago Board Options Exchange (CBOE) submitted bid revealing intention to list spot Solana exchange-traded funds on VanEck’s behalf. Nevertheless, Dowling is not certain concerning the approval of a third spot crypto exchange-traded fund under Gensler’s leadership.
On July 9, Eric Blachunas, a senior ETF analyst, made the same observation. He claimed that a spot Solana exchange-traded fund application would possibly be ‘dead on arrival’ in case Biden was to be re-elected, and Gensler continued being the financial regulator’s head.
