Consensus Product Manager Says Ethereum ETF Approval Is Just Days Away

Jimmy Ragosa, product manager at Consensys, estimates that the U.S. Securities and Exchange Commission (SEC) could approve the S-1 filing related to an Ethereum spot ETF within a few days. The prediction comes in response to Bitwise’s revised S-1 filing for an Ethereum ETF on June 18. Ragosa compared the revised filing to the previous version, noting that Bitwise did not disclose its fee structure and initial investment in the revised S-1 filing. He also said that Bitwise’s June 18 filing with the SEC updated risk factors, legal and regulatory statements, contact information, and distribution plans. Notably, Ragosa said that if the above update is the only SEC opinion, the regulator may approve the S-1 filing in the coming days.

SEC asks for 'simple' opinions
The announcement comes less than a week after SEC staff asked potential Ethereum ETF issuers for comment on their S-1 filings. Bloomberg ETF analyst Eric Balchunas confirmed the situation on June 14, noting that the SEC’s comments were “fairly brief.” He said the SEC asked potential Ethereum ETF issuers to submit revised S-1 filings this week.

Last month, an Ethereum ETF took a major step toward launching in the U.S. after receiving approval from the SEC, which approved eight 19b-4 filings filed by exchanges to list these products. Currently, the SEC’s approval of the S-1 filing is the only thing standing in the way of an Ethereum ETF being listed on a U.S. exchange.

Ethereum ETF issuance timeline
Interestingly, Balchunas estimated that the SEC could approve the S-1 filing before or after July 2, paving the way for the launch of an Ethereum ETF. Prior to this, the Bloomberg analyst had eyed July 4 as a potential launch date for an Ethereum ETF. However, because the SEC requires issuers to update their S-1 filings based on limited comments, Balchunas revised the timeline to July 2, less than two weeks from now.

It is unclear whether the SEC may request additional updates to the S-1 filing. Meanwhile, the SEC has concluded its investigation into whether certain ETH sales by ConsenSys qualified as securities. Based on the conclusion of its investigation, the SEC did not recommend any enforcement action. Therefore, this suggests that ETH’s regulatory status will not hinder the potential launch of an Ethereum spot ETF.

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