The U.S. Securities and Exchange Commission (SEC) is keeping issuers of spot Ethereum ETFs in suspense with extended delays. Additionally, Ethereum bulls are eagerly anticipating a significant price rally once the approval process concludes.
ETF Store President Nate Geraci recently shared his observations of the SEC’s approach towards the spot Ethereum ETFs review process. Geraci stated that the US SEC seems to be treating the spot Ethereum ETF S-1 filings in a manner similar to the 19b-4 forms, thereby maintaining a high level of secrecy in the matter.
Despite the silence, Geraci believes that the approval shall happen by the next week. “I still think approval is likely next week. There is absolutely no reason for delay,” he said.
It appears the SEC is playing the spot eth ETF S-1s similar to the 19b-4s…
*Extremely* tight-lipped.
Still think approval next week. Absolutely no reason for delay.
— Nate Geraci (@NateGeraci) July 12, 2024
The SEC is repeating the same mistake this time as it did with the spot Bitcoin ETFs, said Geraci while quoting SEC Commissioner Hester Pierce. Back then Pierce said: “Had these products come to market in the way other comparable products typically have, we would have avoided the circus atmosphere in which we now find ourselves.”
Bloomberg’s ETF strategist Eric Balchunas also commented on the SEC’s lack of action regarding the Ethereum ETFs. He said that there’s been no communication throughout this week after the issuers submitted S-1 forms on Monday. This leaves the issuers puzzled over the delay.
“Every issuer is ready. Docs are ready. It’s like a rain delay in baseball. Gotta just wait,” Balchunas remarked. He expressed hope that the situation might progress quickly next week, but uncertainty remains. As per the market sentiment, the issuers are expecting one more filing submission before the final approval by the SEC.
Also Read: ETH Gas Fee Flashes Inactivity Concerns Before Ethereum ETF Approval
Over the last few weeks, some of the top market market players and Ethereum whales have been accumulating ETH in preparation for the ETF approval.
Thomas Perfumo, the head of Strategy at Kraken showed that the US Ethereum ETFs can see inflows to the tune of $1 billion every month following the approval. Additionally, big market players like Tron founder Justin Sun have accumulated $1.1 billion worth of Ethereum gearing up for a big rally ahead.
As of press time, the Ethereum price is trading 1.25% up trading at $3,123 with a market cap of $375 billion. Ethereum bulls should take the price past $3,200 in order to trigger the bull run up to $4,000 and beyond.
Also Read: Bitwise Executive Says Ethereum ETF Is Close to the Finish Line
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