Eric Balchunas shared his thoughts on the current developments around Ethereum spot ETF applications

The United States Securities and Exchange Commission (SEC) already approved Ethereum spot ETF applications but the final approval to start the trading of these ETFs is still pending.

Eric Balchunas, a Bloomberg ETF analyst, has shared his thoughts on the latest developments regarding Ethereum spot ETF applications.

The United States Securities and Exchange Commission (SEC) has already approved applications for Ethereum spot ETFs, but the final approval to commence trading of these ETFs is still pending. Over the last one week, the SEC body’s stance has shifted drastically over the legal nature of Ethereum (ETH).

On 21 July 2024, Balchunas predicted that within one or two days we will see several amendments to the S-1 forms filed for Ethereum (ETH) ETFs. Once these filings are submitted, the next step will be for the Securities and Exchange Commission (SEC) to review them and inform the issuers of any required final changes before granting final approval.

Balchunas maintained that the expected launch date for these Ethereum ETFs will be around July 2nd, with that date serving as the over/under for when the ETFs will officially be available.

Next step: we will see a bunch of amended S-1s filed today, prob later this afternoon. Then ball's in SEC's court to let issuers know about any final changes and effectiveness (aka final approval). We holding the line with July 2nd as our over/under for eth ETFs launch date. https://t.co/EmqCVsE0Qe

This implies that the SEC body may green signal the trading of these ETH spot ETF products within the next 10 days.

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A few days ago, the popular Ethereum developer firm ConsenSys reported that the SEC had closed its investigation into Ethereum and the Ethereum Foundation. This development is another indication that the SEC is now more prepared to allow Ethereum-linked products and services to evolve.

https://t.co/uTfG55f3Nl#SEC Closes Its Investigation Against #Ethereum (ETH) Cryptocurrency (Win For Crypto Community)

Some experts claimed that the SEC shut down the investigation into Ethereum due to political pressure, not because of satisfaction with the initial evidence and facts regarding Ethereum.

ETH price action

The current trade price of Ethereum (ETH) coin is $3,506 & this trade price is 7% down over the last 30 days period.

Read also: Bitcoin dips below $63k level but analyst says Bitcoin set for 70% upside

News source：https://www.kdj.com/cryptocurrencies-news/articles/eric-balchunas-shared-current-developments-ethereum-spot-etf-applications.html

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