Key Points
- The US SEC told Ethereum ETF issuers that they have to submit S-1 forms by today.
- The regulator will provide the first comments round.
According to the latest reports, the US SEC told the Ethereum ETF issuers that they have to submit their amended S-1 forms by today, May 31.
The 19b-4 forms have been approved by the regulator on May 23, and the only step that remains before the ETFs can go live is the approval of the S-1 forms.
Sources familiar with the situation have highlighted that today is the deadline for the S-1 drafts, and after this, the SEC will provide the first round of comments regarding the documents. The comments could lead to further amendments by the US regulator.
On the day that Ethereum ETFs were approved, VanEck handed in an amended version of the S-1 form, and on May 30, BlackRock did the same, saying that its ETF would be seeded with $10 million.
There have been multiple predicitons regarding a potential launch day for the crypto products, and June seems to be gaining momentum as the month in which the crypto products eventually start trading.
The optimistic predictions came in after BlackRock submitted its amended S-1 form the other day.
The fact that the SEC set today as the deadline for the amended forms is another reason to be optimistic regarding a June date for Ethereum ETFs to go live.
Vanguard will not offer Ethereum ETFs
As Bloomberg’s Eric Balchunas revealed via his X account, Vanguard will not be offering Ethereum ETFs via its platform.
The analyst noted that crypto was able to shift the stance of some in the highest rungs of government, but not Vanguard who maintains the platform ban for ETH ETFs which are “not aligned” with building a well-balanced, long-term portfolio, as Balchunas cited.
Balchunas continued and explained that Vanguard is not a normal asset manager that is “constantly hunting for revenue.”
He said that they are more like a co-op and they have already taken in almost a billion a day for over a decade, which means that they are not envious of other people’s hit ETFs.
Blachunas concluded by saying that their ban is “silly” as their investors are the smartest money on the planet, and cannot be easily misled. They can handle having choices, he said.
The Bloomberg analyst also said that the only hope for the firm is their new CEO who is clearly into crypto.
Salim Ramji is the new chief executive of the firm following the retirement of Tim Buckley.
