The launch of the spot Ether ETF has been delayed as a result of the US SEC’s newest request that issuers of spot Ethereum ETFs amend their recently submitted S-1 forms.
The U.S. Securities and Exchange Commission (SEC) has further postponed the introduction of the spot Ethereum ETFs, which analysts like Eric Balchunas and James Seyffart of Bloomberg ETFs said would happen next week.
Spot Ethereum ETF issuers filed an S-1 form, and the SEC provided some feedback. A refiling is anticipated in the upcoming weeks. According to persons acquainted with the situation, the U.S. SEC has requested that spot Ethereum ETF issuers submit their S-1 forms by July 8 in their most recent remarks.
As a result, the debut of the Spot Ethereum ETFs has been postponed until mid- or end-July. SEC Chair Gary Gensler has reaffirmed that issuers like BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco have all been successful in getting the Spot Ethereum ETF approved. VanEck and other Ether ETF issuers have also submitted Form 8-A to get listed on exchanges by July 8.
Holders of Ethereum are left in limbo by the delay. The most recent wave of S-1 changes, according to ETFstore, President Nate Geraci was rather “light,” and issuers should be cleared for trade by the regulator in the next 14–21 days. The SEC suggested a possible debut this summer, albeit the precise timing is unknown.
ETH Price to Drop Due to Delay?
Given that Ethereum and the larger cryptocurrency market are currently experiencing selloff pressure, market participants have questioned the SEC’s action.
As the price of ETH/BTC was finally breaking above the 365 simple moving average, the likelihood of an Ethereum ETF launch the following week sparked optimism for an altseason.
The price of ETH dropped by more than 1% in the last day, and it is presently trading at $3,384. $3,363 is the 24-hour low, and $3,467 is the 24-hour high. Additionally, during the past 24 hours, the trading volume has dropped by 8%, suggesting that traders’ interest has declined.