Ethereum Spot ETFs are expected to begin trading by July 23, provided no “unforeseeable last-minute issues” arise

The SEC has provisionally sanctioned at least three Ethereum Exchange-traded funds (ETFs) based on (CRYPTO: ETH). Trading could begin as early as July 23.

What happened:A Reuters report on Monday revealed the latest developments, citing industry sources. Approval is contingent on applicants submitting final offering documents to regulators by the end of this week. All eight ETF applications are expected to be launched simultaneously.

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Among the eight asset managers whose applications are likely to be approved by the SEC next Monday afternoon are Black rock, Van EckAnd Franklin TempletonTrading in these products is expected to begin the following day, the report added.

Additionally, Bloomberg ETF analyst Eric Balchunas He revealed that the SEC had responded to the applicants, asking them to submit final S-1 documents, including fee information, by Wednesday of this week. He also scheduled a July 23 launch provided no “unforeseeable last-minute issues” arise.

Update: Nate’s instincts were right, he heard the SEC finally responded to issuers today, asking them to return the final S-1s on Wednesday (fees included) and then request they be effective Monday after the close for a TUESDAY 7/23 LAUNCH. This is assuming there are no unforeseen last minute issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

Why is this important?:After the launch of the American spot Bitcoin (CRYPTO: BTC) January ETFs, Ether products would mark another major win for the cryptocurrency industry’s push toward mainstream digital assets.

Cryptocurrency exchange Gemini sees a bright future for Ethereum with the imminent launch of spot ETFs in the United States. Gemini’s research report suggests an increase in investor interest, estimating net inflows of up to $5 billion in the first six months of trading. This influx of capital could push the value of Ethereum in US-based spot ETFs to $13-15 billion by the end of the year.

Price action:At the time of writing, Ethereum was trading at $3,473.37, after rising 5.95% over the past 24 hours, according to data from Benzinga Pro.

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Disclaimer: This content was produced in part with the assistance of Benzinga Neuro and was reviewed and published by Benzinga editors.

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