[Bitop Review] Is Spot Ethereum ETF Really Coming? Bloomberg Analyst: Could List as Early as July

Bloomberg ETF analyst Eric Balchunas has moved up his expected launch date for spot Ether ETFs to July 2nd, citing feedback from the SEC on applications from issuers are “pretty light”.

SEC comments out, approval may be possible in early July

Bloomberg has moved up its expected launch date for spot Ether ETFs to July 2nd due to the Staff has sent issuers comments on S-1s, asking for them back in a week.

SEC Chairman: Approval expected this summer

In fact, SEC Chairman Gary Gensler said at a Senate Appropriations Committee hearing last Thursday (13th) that final approval of a spot Ether ETF is expected to be completed this summer. In a conversation with Senator Bill Hagerty, Gensler mentioned that the listing approval could happen “at some point this summer.”

When asked if “Ether is a commodity,” Gensler did not give a direct answer, maintaining the SEC’s consistent uncertainty about Ether. At the same time, CFTC Chairman Rostin Behnam directly answered “yes” at the same hearing.

This question is very important in clarifying the jurisdiction of US regulators over various cryptocurrencies. In the absence of legislation in the US, the two regulatory agencies have long been arguing about whether cryptocurrencies should be classified as “securities” or “commodities”. If they are traded as general commodities, they will be under CFTC jurisdiction, while securities are managed by the SEC.

Although Gensler has repeatedly stated that most cryptocurrencies should be considered securities, his agency has only indicated which cryptocurrencies are considered securities in enforcement action. They have never released any guidance or rules to explicitly list the criteria for determining whether a cryptocurrency is a security.

ETH rises slightly, price just above $3,600

Following Balchunas’ comments, the price of Ethereum has risen by about 7% in the past two weekends, currently trading at $3,607, up 1.34% in 24 hours and down 2.27% in the past week.

Recently Bitcoin and Ethereum have not followed the stock market’s continued record highs, but instead have felt a bit lackluster. If the Ethereum ETF is really listed as scheduled in July, there will be a large influx of traditional capital. Let’s wait and see if it can repeat the glory of the Bitcoin ETF listing.

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