Efe Nail Saltık 
Spot Ethereum ETF issuers are still waiting to receive comments from the SEC on their S-1 filing after submitting initial drafts on May 31. Issuers expected the SEC to provide comments on these drafts on June 7, but at least two issuers still have not heard back, according to two sources. A source said they now expect comments to come back this week.
This development followed SEC Chairman Gary Gensler’s speech on CNBC, in which he stated that the approval of S-1 forms “will take some time.”
It is unclear how long the process will take. They anticipate the S-1 forms will go through at least two more rounds of draft filings before they are ready.
S-1 forms are the second step in a two-step process for trading spot Ethereum ETFs. The first step was the approval of the 19b-4 forms, which occurred on May 23.
The draft files also reveal a few details. BlackRock is funding its ETF with $10 million, while Franklin Templeton plans to start with a 0.19% fee.
Once spot Ethereum ETFs begin trading, a key question will be whether they can replicate the success of spot Bitcoin ETFs. Bitfinex Head of Derivatives Jag Kooner expects these ETFs to attract approximately 10-20% of the flows going to spot Bitcoin ETFs.
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