SEC Chair Gary Gensler stated that the timing for the introduction of spot Ethereum ETFs hinges on how promptly applicants respond to the SEC's inquiries and address reasons for their approvals. Speaking to Reuters on June 5, Gensler mentioned that the firms are driven to provide responses and have the ability to determine their responsiveness.

Recent reports indicate that the SEC will review recently amended S-1 registrations from eight issuers of spot Ethereum ETFs. Following this review, applicants will submit further amendments before each product's launch.

Gensler did not specify whether this process would span weeks or months.

Regarding Grayscale's influence on Ethereum's situation, Gensler noted that Grayscale's legal victory, which cleared the way for spot Bitcoin ETF approvals, also affected the SEC's stance on Ethereum products. Grayscale argued for Bitcoin ETF approvals based on correlations between Bitcoin spot and futures markets, a rationale the SEC had previously applied to approve Bitcoin and Ethereum futures ETFs.

Gensler previously linked this legal outcome to the SEC's January approval of spot Bitcoin ETFs but only recently connected it to the SEC's position on Ethereum.

In discussions with Reuters, Gensler highlighted that market correlations were pivotal in the SEC's decision to approve the latest spot Ethereum ETFs. He noted similarities in correlations between Ethereum and Bitcoin markets.

Gensler also conveyed similar sentiments in a June 5 CNBC interview, suggesting that the launch of spot Ethereum ETFs could require significant time and refraining from speculating on a specific launch date.

He mentioned that the SEC evaluated the spot Ethereum market against its futures market, which has seen ETH futures ETFs trading on the Chicago Mercantile Exchange (CME) for over three years.

Industry analysts have speculated on potential launch timelines, with Bloomberg's ETF analyst Eric Balchunas suggesting a possible launch by the end of June, while some predictions set July 4 as a benchmark date. According to Polymarket, which tracks community bets based on staked crypto amounts, there is a 57% chance that these funds could commence trading by July 4.