According to a Bloomberg Intelligence analyst, the chances of the SEC refusing to launch spot funds based on Ethereum are minimal

Ethereum-based ETF could launch on July 18th. This opinion was expressed by Bloomberg Intelligence analyst Eric Balchunas.

The expert pointed out that VanEck and 21Shares have adjusted their Form S-1 filings. At the same time, the analyst admitted that the procedure for considering applications from ETH-ETF issuing companies is moving slowly.

However, the chances of SEC refusal are minimal. Balchunas believes that it is necessary to take into account the bureaucratic slowness of the regulator.

“We don’t have a new over/under launch date yet because we haven’t heard what the SEC’s game plan is. Hope to hear soon. But if you forced me the gun to head style to give my best guess for the date, I’d go with July 18,” said a senior analyst at Bloomberg Intelligence.

In his opinion, the emergence of spot exchange-traded funds based on ether will become a driver of growth in the price of the cryptocoin, attracting new capital to the market, as has already happened after the launch of the BTC-ETF in the United States.

Bitwise top manager Catherine Dowling said that the procedure for registering ETFs on Ethereum is at the “finish line.” According to a company representative, today there are practically no unresolved issues between the regulator and issuers.

At the same time, Dowling did not name a specific date for approval of the product, recalling that SEC head Gary Gensler had previously promised to register exchange-traded spot funds based on ETH this summer.

“Everyone has a different definition of summer. It’s been a little bit of a long, hot summer for the issuers waiting,” a Bitwise spokeswoman said.

In addition, she said that the US Securities and Exchange Commission has taken a constructive stance when discussing ETFs that are not directly linked to ETH and BTC. Dowling said that Bitwise’s dialogue with the SEC regarding future product launches has been mostly positive.