Coin World News Report:
As the cryptocurrency market awaits regulatory approval for Ethereum ETFs, several asset management companies have indicated that the approval process is still proceeding rapidly.
On Monday, VanEck was the first to submit a revised registration statement for its spot Ethereum ETF, naming its product the VanEck Ethereum Trust. Following closely behind, 21Shares also submitted a new registration for its spot Ethereum ETF.
Grayscale then joined in with its own two revised filings, one for its $28 billion Grayscale Ethereum Trust and another for a “mini” alternative aimed at low-cost substitutes.
Afterward, Franklin Templeton submitted a revised filing for its spot Ethereum ETF.
In terms of changes, VanEck’s registration statement removed some regulatory language regarding custodianship. A discarded section outlined how VanEck chose entities to handle Ethereum withdrawals to protect fund assets.
Other minor changes reflected those made by Bitwise last week, which detailed the U.S. Securities and Exchange Commission’s (SEC) stance on cryptocurrency market compliance. The section specifically noted that SEC Chairman Gary Gensler believes investors using cryptocurrency exchanges are not receiving “adequate protection” and that certain activities may involve securities laws.
VanEck’s filing stated, “The Chairman has called for federal legislation focused on digital asset trading that would provide the SEC with additional authority to prevent trading, products, and platforms from ‘falling through regulatory cracks.'”
In 21Shares’ revised registration statement, the company used similar disclosure language regarding the SEC’s regulatory work and other minor details.
Bloomberg ETF Analyst Eric Balchunas tweeted about 21Shares’ application, saying, “Not much to see here.” He added that the company has not yet disclosed the fees for its potential funds.
Lastly, a new section in Grayscale’s revised “mini” ETF filing explicitly states that the product’s Ethereum will not be staked, referring to the process of delegating Ethereum tokens to the network in exchange for rewards.
No previous applications before the SEC have intended to involve staking Ethereum. Some applicants removed this language from their proposals prior to regulatory approval.
While the SEC approved several key applications for spot Ethereum ETFs in May, it still needs to approve the S-1 filings of eight asset management companies. Previously, Gensler stated that the approval process depends on asset managers’ ability to provide comprehensive disclosures.
Simultaneously with Bitwise’s revised filing last week, Bloomberg ETF Analyst James Seyffart wrote that trading in Ethereum spot ETFs could be coming soon. He predicted that the launch of these products would not be too far off, whether this week or the next.
Meanwhile, Ethereum’s price has almost relinquished all the gains it saw when such products were approved. Following the SEC’s actions, Ethereum’s price peaked around $4,000 at the end of May, only to drop below $3,000 amid greater headwinds in the cryptocurrency market.
Edited by Ryan Ozawa.
