On June 25, investment manager VanEck filed form 8-A for its spot Ether (ETH) exchange-traded fund (ETF) with the United States Securities and Exchange Commission, bringing the ETF one step closer to live trading.
The updated filing caused senior Bloomberg ETF analyst Eric Balchunas to speculate that spot Ether (ETH) ETFs could be available for trading as early as July 2, 2024. Balchunas explained his prediction was bolstered by VanEck’s 8-A filing for its Bitcoin ETF, filed seven days before the investment fund launched on the market.
The world waits
Earlier in June, the senior Bloomberg analyst predicted an early July ETF launch window based on the lack of significant commentary from SEC staff on the ETF applicants’ S-1 filings. The lack of commentary suggests the regulator has not identified major issues with the ETF offerings, indicating a potential to expedite the listing process.
Balchunas also noted that the approval of the Ether ETFs was unexpected and likely due to political factors from the current administration.
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However, SEC Chair Gary Gensler expressed the opposite sentiment and claimed that listing Ether ETFs on stock exchanges could take months and may not happen until September 2024. Gensler put the onus of the Ether ETF listings on the applicants and claimed the process depends entirely on their response times.
Political tailwinds
As Balchunas suggested, the approval of a spot Ether ETF in the United States came as a surprise to many and represents a radical departure from the policies of the current administration. The 2024 election year has brought cryptocurrencies into sharper focus as presidential candidates across the board attempt to appeal to pro-crypto voters.
According to the Stand With Crypto political action committee (PAC), roughly 52 million Americans hold crypto, making pro-crypto voters a palpable voting bloc in American elections. The PAC also announced that it had reached a significant milestone, garnering 1 million advocate signatures from the public.
Taking advantage of the opportunities afforded to the blockchain industry during an election year, several initiatives have been mobilized by industry executives to galvanize the voting public, including the recent announcement that the Gemini exchange would facilitate donations to pro-crypto candidates and the creation of the Bitcoin Voter Project, a Bitcoin (BTC) education and awareness nonprofit group.
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