SEC returns S-1 forms to Ethereum ETF issuers, with at least one more round to go: Source

Quick Take

  • The SEC has returned the S-1 forms to prospective Ethereum ETF issuers with light comments, asking them to fix the issues and refile.
  • They will need to go through at least one more round before they go effective, a source says.

The U.S. Securities and Exchange Commission returned the S-1 forms to prospective Ethereum ETF issuers in the latest round of back and forth before they go effective.

The forms were handed back with light comments, according to a source at one issuer. The issuers have been asked to address the comments and refile them by July 8.

The source noted that when the forms are handed back in, this won't be the final filing. That means there will need to be at least one more round of filings before the ETFs can finally start trading.

"Never ceases to be a winding path," they noted.

The process toward ETFs going live

The S-1 forms are the second part of a two-step process for the ETFs to go live. The first part saw issuers' 19b-4 forms approved in May ahead of a key deadline. However, the S-1s are not bound to any specific deadline and issuers are dependent on how quickly the SEC can turn them around.

While there had been reports that the ETFs could go live as early as July 4, this is now out of the question. Issuers are also not yet aware of when the ETFs will go live. They will only have a clearer picture once the SEC gives them a deadline for the final filings to be handed in.

SEC Chair Gary Gensler previously said that the Ethereum ETF approvals could take place "sometime over the course of this summer" but did not provide any clearer timeline.


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Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.