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Ethereum ETF Launch Unsurprisingly Delayed as SEC Returns S-1 Forms

S-1 forms have been returned to Ethereum ETF issuers by the SEC, delaying its expected launch from 2 July indenfinitely

Photo by Erik Mclean / Unsplash

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SEC delays and ETFs are becoming synonymous at this point. After countless Bitcoin ETF decision delays, followed by endless Ethereum ETF decision delays, we can hardly be surprised that delays are extending to the launch of ETH ETFs.

SEC Delays Ethereum ETF Decision But Who Cares?
The SEC is playing hardball (again) by delaying its decision timeline on BlackRock’s proposal for an Ethereum ETF, but doesn’t this all sound a bit too familiar?
SEC Delays Ethereum ETF Proposals (Again) But Bull Market (Still) Doesn’t Care
The SEC continues to play hardball by pushing back its decision on ETH ETFs applications BlackRock and Fidelity but no one is surprised
SEC Unsurprisingly Delays ETH ETF Decision (Again)
The SEC has pushed its decision on whether to approve ETH ETFs to 5 July 2024

Expected to launch on 2 July, the fate of the Ethereum ETF launch has been pushed back after the regulator returned the S-1 forms to prospective ETH ETF issuers.

The forms were returned with light comments and issuers have been requested to refile them by 8 July. However, this does not mark the final filing as there will be one more round before the products can start trading.

Nonetheless, the S-1 forms are the second of the two-part process required for the products to go live.

Last week, VanEck filed its 8-A form for its spot Ethereum ETF, leading many to regard the move as a signal that the products could launch as soon as 2 July. VanEck filed an 8-A form for its Bitcoin ETF one week before the launch, suggesting that 2 July would be the equivalent date for an Ethereum ETF launch.

VanEck’s 8-A Filing Suggests ETH ETF Launch is Imminent But Gensler Says No
VanEck has filed their 8-A form for their Bitcoin ETF one week before the launch. Now they’ve filed the form for their Ethereum ETF, signaling a launch could be soon. SEC chair Gary Gensler says otherwise.

The 8-A form is a registration document that companies file with the SEC to register a class of securities for trading on a national securities exchange.

Bloomberg ETF analysts Eric Balchunas explained on X, "Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch."

However, SEC Chair Gary Gensler said Ethereum listings might not happen until September. Nonetheless, Gensler reassured the market that the process was "going smoothly."

Gensler insisted that the launch depends on the applicants, not the regulator. "It's really about the asset managers making the full disclosure so that those registration statements can go effective," Gensler said.

"It's something our Division of Corporation Finance handles hundreds if not thousands of times over anybody's career," he added. "It's smoothly functioning — it's really up to the asset managers to make the proper disclosures."