Investing.com – The U.S. Securities and Exchange Commission (SEC) said on Monday that approval of exchange-traded funds (ETFs) will likely come on July 22, according to industry experts.
At least three of the eight companies have reportedly been informed by US regulators that they are likely to receive final approval to introduce these new products next Tuesday, July 23. This information comes from three sources within the industry.
Industry insiders said regulators have instructed them to file their final offering prospectuses by the end of this week. If these documents meet the necessary criteria, the SEC is expected to provide issuers with a formal “effective date” for the new products on Monday, July 22.
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Eric Balchunas, senior ETF analyst at Bloomberg, shared on social media platform X that the launch of the new spot Ether ETFs is planned for July 23.
According to Balchunas’ post, the SEC has already responded to the issuers, ordering them to return their final S-1 documents, including fees, by Wednesday. The regulator is expected to request the entry into force on Monday after the market closes, paving the way for the launch planned for Tuesday.
Major Wall Street players including BlackRock Inc (NYSE:) and National Financial Fidelity Inc (NYSE:), has been in talks with the SEC for weeks, aiming to launch its spot Ether ETFs as soon as possible.
New financial products are inching closer to a possible launch in the United States after the SEC approved applicants' key regulatory documents in late May. However, before these new offerings can be traded on exchanges, the SEC must also approve applicants' S-1 documents.
The push for Ether ETFs follows the successful launch of spot ETFs in January. Since then, numerous financial institutions have been racing to get the green light to introduce an ETF that would allow investors to speculate on the price of ether without having to buy the cryptocurrency directly.
