The US Securities and Exchange Commission (SEC) has taken a significant step forward in considering a spot Ethereum exchange-traded fund (ETF) by asset manager ProShares. This development comes after ProShares submitted a proposal on June 6 to list and trade Ethereum ETF shares on the New York Stock Exchange (NYSE).

Public Feedback and SEC Review

The SEC has opened a 21-day window for public comment on the application, and a decision is likely expected by the end of July 2024. While this acceptance does not guarantee approval, it indicates that the SEC is reviewing the application. ProShares joins other issuers who submitted applications in May 2024, with the SEC yet to provide feedback on their S-1 applications.

ETF Field Developments

In a related development, the SEC approved Ark Invest's withdrawal from its joint ETF application with 21Shares, allowing 21Shares to proceed independently. The SEC waived the usual 30-day delay, making the change effective immediately. Despite these advancements, potential spot Ethereum ETF issuers await feedback on their applications. SEC Chairman Gary Gensler has indicated that the approval process will take time, with the next step being fine-tuning comments from SEC staff before final approval.

Conclusion

The Ethereum ETF application by ProShares has moved forward, with the SEC reviewing the application and opening it up for public comment. As the ETF field continues to evolve, issuers await feedback on their applications. While approval is not yet guaranteed, this development marks a significant step towards potentially listing spot Ethereum ETFs on the NYSE.