Ethereum ETFs ‘close to the finish line,’ celebrates Bitwise CCO

  • The launch of Ethereum ETFs remained uncertain despite Gensler’s summer prediction.
  • SEC’s cautious crypto stance contrasted with the Bitcoin ETF approval under Gensler.

Amid mounting anticipation, the upcoming launch of a spot Ethereum [ETH] exchange-traded fund [ETF] has garnered significant attention.

Remarking on the same, Katherine Dowling, Bitwise’s chief compliance officer, emphasized the uncertainty surrounding the exact launch date. 

Bitwise CCO on ETH ETF

Despite SEC Chair Gary Gensler predicting a summer debut for the ETH ETF, Dowling in a recent conversation with Bloomberg, said, 

“We’re seeing in the S-1 amendments that there are fewer and fewer issues that are being vetted back and forth between issuers and the SEC.” 

She further added, 

“So that points all signs in the direction that we are close. We’re close to the finish line on the launch.”

Time for a crypto-friendly SEC admin?

This is quite surprising because Bitwise was one of the first issuers to take proactive steps by submitting an amended S-1 form to the SEC ahead of schedule, on 8th July.

This move had back then sparked excitement within the crypto community about the imminent approval of the ETH ETF.

Hence, the delay and uncertainty in approval highlight the SEC’s cautious stance on crypto during the Biden administration. 

Expanding on the topic, Eric Balchunas, Senior ETF Analyst at Bloomberg, put it well when he said, 

“Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss.” 

Reiterating the same, Dowling added, 

“I think it’s going to be a really long haul to get some of these products out in the market, given the history we’ve had with getting these products to market and the fact of not having futures trading in some of these potential products.” 

Not all bad things!

However, she also highlighted the SEC’s potential for positivity during the ETF approval process when she said, 

“But it’s an act of dialogue and I think our communication with the SEC about the prospects for these products has actually been quite welcoming. 

This is important because, despite the SEC’s historical lack of interest in crypto, the current leadership under Gensler approved a decade-long-awaited Bitcoin [BTC] ETF.

Needless to say, the performance of the BTC ETF has been phenomenal since its debut on the 11th of January. As of the latest update on the 9th of July, the BTC ETF recorded inflows totaling $216.4 million as per Farside Investors. 

Next: FLOKI gearing up for a 60% jump? Decoding the price charts

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