The United States Securities and Exchange Commission (SEC) has given final instructions to asset managers who are planning to launch Ether exchange-traded funds (ETFs).
According to Bloomberg analyst Eric Balchunas, the SEC told issuers to submit their final S-1 filings by July 16. The goal is to launch the new funds on July 23. These final filings must detail the fees that issuers plan to charge in their new crypto funds.
SEC Approval Process
On May 23, the SEC approved issuers’ 19-b form, which proposed rule changes to allow crypto-based investment vehicles. Now, asset managers need approval for their initial securities registration S-1 forms.
Several major financial institutions are competing for approval and launch of Ether ETFs. These include BlackRock, Grayscale, Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, Hashdex, and Franklin Templeton.
In response to regulatory concerns, some issuers like ARK Investments and Fidelity have recently removed staking from their Ether ETF plans.
