Key Points

• The US SEC instructed Ethereum ETF issuers to submit amended S-1 forms by today.
• The regulator will review and provide comments in the first round.

Recent reports reveal that the US SEC has mandated Ethereum ETF issuers to submit their revised S-1 forms by today, May 31.

On May 23, the regulator approved the 19b-4 forms, making the approval of the S-1 forms the final step for the ETFs to become operational.

Insiders familiar with the matter emphasize that today marks the deadline for the S-1 drafts. Following this deadline, the SEC will initiate the first round of comments on the documents. These comments could necessitate further adjustments by the US regulator.

VanEck and BlackRock, the creators of Ethereum ETFs, made significant moves on relevant administrative procedures. VanEck submitted an amended version of the S-1 form on the day of ETF approval, while BlackRock followed suit on May 30, announcing an initial investment of $10 million for its ETF.

Speculations abound regarding the potential launch date of these crypto products, with June emerging as a favored month for trading commencement. This optimism surged after BlackRock filed its updated S-1 form recently.

The SEC's directive to finalize amended forms today adds weight to the possibility of Ethereum ETFs becoming operational in June.

Vanguard Stance on Ethereum ETFs

Bloomberg's Eric Balchunas disclosed via his X account that Vanguard has opted not to provide Ethereum ETFs through its platform.

Balchunas highlighted that while crypto has influenced top government figures, Vanguard maintains its platform ban on ETH ETFs. The company perceives such offerings as incongruent with constructing a well-balanced, sustainable portfolio.

Characterizing Vanguard as a unique asset manager not fixated on revenue generation, Balchunas underscored their consistent financial success. He remarked on their discerning investor base, labeling their ban on Ethereum ETFs as misguided given the intellect of their clientele.

Balchunas hinted at a possible shift in Vanguard's stance with the appointment of their new CEO, Salim Ramji, succeeding Tim Buckley post-retirement.