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SEC Shakes Up Crypto Market with Latest Ethereum ETF Developments

Daniel Kim Views  

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The U.S. Securities and Exchange Commission (SEC) has requested Ethereum Exchange Traded Fund (ETF) applicants to submit an amendment to their S-1 registration statement, sparking interest in the launch schedule.

According to industry sources on the 1st, the SEC requested Ethereum ETF applicants to submit an amendment to their S-1 registration statement by the 31st (local time) of May.

The SEC’s request for all applicants to amend their S-1 documents suggests internal progress related to the launch of the Ethereum ETF.

Previously, the SEC approved all ETF applications from operators at the time of Bitcoin ETF approval and launch and also simultaneously approved the 19b-4 documents of this Ethereum ETF. It is a minimum requirement for the launch of the Ethereum ETF that all eight applicants submit an S-1 document reflecting the SEC’s requirements.

According to The Block, the SEC is expected to review the S-1 amendments of the applicants this week and deliver related feedback. Citing an anonymous source, the media reported that “there is a high probability of at least two rounds of amendments before the final document submission.”

Before the SEC’s request, BlackRock submitted an amendment to the S-1 on May 29th (local time).

When BlackRock filed the amendment, Eric Balchunas, a Bloomberg ETF analyst, positively evaluated BlackRock’s amendment submission. He predicted, “The (S-1) amendment is unlikely to end in one round, and there may be additional amendments. The ETF could be launched by the end of June, but I expect around July 4th.” As Balchunas said, in the case of the previous Bitcoin ETF, the S-1 documents were revised multiple times.

Meanwhile, a somewhat negative outlook on the potential of the Ethereum ETF after its launch has emerged again. According to BeInCrypto, J.P. Morgan predicted in a research report on May 30 (local time) that “Ethereum ETF will not create a large flow of funds like the Bitcoin ETF.” Assuming a launch this year, the inflow size anticipated by J.P. Morgan is between $1 billion and $3 billion. However, J.P. Morgan added the caveat that if Ethereum is classified as a commodity, the inflow could triple.

The main reason for J.P. Morgan’s forecast was the exclusion of staking due to the controversy over securities. The report also noted that the success of the previous Bitcoin ETF has already absorbed all portfolio demand for virtual assets.

James Seyffart, a Bloomberg ETF analyst, predicted immediately after the approval of the Ethereum ETF on the 24th, “The demand for the Ethereum ETF will be 20 to 25% of the demand for the Bitcoin ETF.” Even before that, on the 21st (local time), Balchunas also suggested a demand level of 10 to 15% compared to the Bitcoin ETF.

Daniel Kim
content@viewusglobal.com

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