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Coin World Network reports that Nate Geraci predicts the Ethereum ETF may be approved on July 15th. Despite increasing expectations for the ETH ETF, the price of the altcoin has fallen by 2.54%.
The long-awaited approval of the Ethereum (ETH) spot ETF may have received a new date. Nate Geraci, President of ETF Store, suggests that the spot ETH ETF is very likely to be approved on July 15th.
Geraci indicates in his post that the final approval from the U.S. Securities and Exchange Commission could be obtained before July 12th, following the expected submission of the revised S-1 for the Ethereum ETF in July.
Therefore, according to Geraci, there is no reason for the U.S. Securities and Exchange Commission not to approve the ETH ETF on July 15th.
It is important to note that the ongoing delays stem from the SEC’s request on May 28th for issuers to address minor issues in their S-1 filings.
Reasons for the Delay
Insiders report that issuers are currently working to resolve these issues. However, with the SEC’s early approval of the 19b-4 application in May, things may soon turn favorable for the issuers.
Steve Kurz, Head of Galaxy Digital Asset Management, further clarified the matter in a recent interview with Bloomberg Television, stating, “Look, we’ve done this before. It’s methodical, it’s window dressing, the SEC is involved. We did this for the Bitcoin ETF, the products are fundamentally similar—we know the pipeline, we know the process.”
Bitcoin ETF vs. Ethereum ETF
As the approval of the Ethereum ETF faces delays, industry executives are now comparing it to the approval process of the Bitcoin (BTC) ETF.
The journey of the BTC ETF began in July 2013 when Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange, initially submitted an application for a spot Bitcoin ETF to the SEC.
Fast forward to nearly a decade later, in January 2024, after multiple applications and rigorous regulatory scrutiny, the SEC finally approved 11 Bitcoin ETFs.
However, some believe that despite the delays, BTC had a relatively straightforward approval path, while the ETF approval process for ETH has become entangled in more complex regulations.
This has led many to think that the ETH ETF will not be a strong competitor to the BTC ETF.
Will ETH Match the Hype of the BTC ETF?
Matt Hougan, Chief Information Officer at Bitwise, expressed agreement on a recent episode of the “Bankless” podcast, saying, “I don’t think the Ethereum ETF will match the Bitcoin ETF, but I do believe it will be measured in billions of dollars.”
Moreover, despite the anticipated positive impact of the ETH ETF approval date, the price of Ethereum has failed to rise. According to CoinMarketCap data, as of press time, the trading price of ETH is $3,351, having fallen by 2.54% in the past 24 hours.
