An exchange-traded fund (ETF) expert at Bloomberg is moving up his estimated date for the approval of Ethereum (ETH) ETFs in the spot market following recent comments from the U.S. Securities and Exchange Commission (SEC).
In a new thread on the social media platform X, Bloomberg ETF specialist Eric Balchunas says say those spot ETH ETFs likely won’t get the green light until after the 4th of July holiday weekend, which extends into the 8th, as many SEC staffers will be on break until then.
“Unfortunately, I think so [are] We’ll have to push back on our over/under until after that [the] holidays. Seems like SEC took extra time to contact people this week (although again very slight adjustments) and from what I hear, next week is dead because vacation = July 8th. The process will resume and they will start shortly afterwards.”
Last month, Balchunas had predicted that the SEC would approve the ETFs by July 2, after the SEC responded to several S-1 filings by financial giants.
At the time, it was discovered that the regulator had returned the documents for changes to the companies, indicating that the approvals would come soon.
Just over a week later, SEC Chairman Gary Gensler indicated that the regulatory body would approve ETH-based ETF applications in the spot market, but did not provide a specific date. At the time, Gensler said the agency was currently working on required disclosure statements.
“It’s really about the asset managers providing full disclosure so that those registration statements can go into effect and those attorneys know what that is.
It’s something that our Corporation Finance department handles hundreds, if not thousands, of times throughout a person’s career. It functions smoothly. It is really up to the asset managers to provide the correct explanations.”
Bitcoin (BTC) spot market ETFs were approved by the SEC in January, driving billions of dollars in inflows into the top crypto assets as measured by market cap. Recently, companies have also submitted bids to create ETFs based on Ethereum rival Solana (SOL).
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney