ETH ETF Hope for July Returns as Amendments Roll in

The approval hopeful has submitted an amended filing for its Ethereum ETF to the SEC, indicating progress in the approval process.

Train traveling in sky next to a massive Ethereum ETF coin.
Created by Kornelija Poderskytė from DailyCoin
  • Optimism remains high for the approval of Ethereum ETFs.
  • Bitwise has completed the amendment of its ETH ETF proposal. 
  • SEC Chair Gary Gensler appears to have softened his stance towards the ongoing review.

Ethereum ETFs have become all the buzz in the crypto industry, with anticipation mounting for the SEC to approve the long-awaited investment vehicle. The roller-coaster of emotions during this wait has been marked by both certainty and hesitation, still, issuers and investors alike hold onto the hope for a positive verdict.

Despite recent disruptions in the process, recent filings sustain confidence that the ongoing review remains on track.

Bitwise Amends Ether ETF Filing

Following the SEC’s return of S-1 forms to issuers, Ethereum ETF issuer Bitwise has submitted an amended version of its filing for the proposed investment vehicle.

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The firm submitted its filing ahead of the July 8 deadline set for issuers, raising hopes for early approval. Bloomberg analyst Eric Balchunas emphasized that while it is unclear why the ongoing review process is extended, indications remain that the launch is expected to occur within the month.

Bitwise’s amendment has seen the firm waive its management fee on the first $500 million it attracts upon launch. This follows similar movies by VanEck and Franklin Templeton, both of which announced waivers for the first $1.5 billion and $10 billion pulled, respectively.

Bitwise’s revised ETH ETF form is expected to be submitted before other issuers before the SEC’s deadline, which is crucial to securing potential approval for the proposals.

Will ETH ETFs Get the SEC’s Approval?

While the SEC’s regulatory verdict on the proposed Ethereum ETFs cannot be predicted with certainty, recent actions by the commission are fueling hopes for a timely greenlight.

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Following its sudden reignition of engagement with issuers after a long, lukewarm approach, the commission has appeared to be more receptive, issuing partial approvals and comments on the eight proposals it faces.

SEC Chair Gary Gensler’s perceived softened stance has added to the growing enthusiasm. Speaking at a recent conference, the SEC chief asserted that the ongoing review is “going smoothly.”

While the exact date for the expected verdict remains elusive, Gensler has also noted that the upcoming summer is a plausible timeframe for approval, with experts and analysts betting on the first weeks of July for approval and launch.

On the Flipside

  • Bitwise CIO Matt Hougan forecasts net inflows of up to $15 billion for ETH ETFs within their first months of launch.
  • While optimism prevails, the unpredictable nature of the SEC leaves doubts about a certain approval.
  • At press time, Ethereum is trading at $3,148, down nearly 5% in the past 24 hours. However, the anticipated approval of ETFs is expected to skyrocket the asset to new price highs.

Why This Matters

The submission of Bitwise’s amended Ether ETF filing to the SEC signals the smooth continuation of the ongoing process. If approved by the regulatory commission without further issues, the asset management firm may be among the first in line for approval.

Read this article to find out more about the predictions for Ethereum’s price performance: 
Why Ethereum’s Price Could Hit $22K by 2030 According to VanEck

Crypto exchange Bitget is seeking a regulated foothold in India. Read more here: 
Bitget Eyes Indian License as Users Face Service Restrictions

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.