In a recent statement to Reuters on June 5, SEC Chair Gary Gensler shed light on the timeline for the launch of spot Ethereum ETFs, indicating that it hinges on the responsiveness of applicants to regulatory inquiries and comments.

Gensler emphasized that the pace of spot Ethereum ETF launches depends on how swiftly applicants address the SEC's questions and provide satisfactory responses. He noted that firms are "self-motivated" to engage with the SEC and can determine their level of responsiveness in the process.

Reports suggest that the SEC will issue comments on amended S-1 registrations from eight spot Ethereum ETF issuers, following which applicants will file further amendments before proceeding with the launch of each product. However, Gensler refrained from specifying whether the entire process would span weeks or months, leaving the exact timeline open to interpretation.

Grayscale's Legal Win and its Influence on ETH Stance

Gensler highlighted Grayscale's legal victory as a significant factor influencing the SEC's stance on spot Ethereum products. Grayscale's successful argument for approving Bitcoin ETFs based on correlations between Bitcoin spot and futures markets played a pivotal role in shaping the SEC's perspective on Ethereum ETFs.

The SEC's approval of Bitcoin and Ethereum futures ETFs in previous years set the stage for considering spot Ethereum ETFs. Gensler underscored that the SEC examined market correlations, finding them relatively similar to those in the Bitcoin space, which informed its decision-making process.

Gensler's Remarks to CNBC

In a separate interview with CNBC on June 5, Gensler reiterated that the launch of spot Ethereum ETFs could "take some time," refraining from speculating on a specific launch date. He emphasized that the SEC's assessment of the spot Ethereum market involved a comparison with the Ethereum futures market, particularly highlighting the trading history of ETH futures ETFs on the Chicago Mercantile Exchange (CME) over the past three years.

Speculation and Community Bets on Launch Date

Industry experts and observers have speculated on potential launch dates for spot Ethereum ETFs, with Bloomberg ETF analyst Eric Balchunas suggesting a possible launch by the end of June. He designated July 4 as an "over/under" date for the launch.

Polymarket, a platform representing community bets based on staked crypto amounts, currently displays 57% odds of spot Ethereum ETFs commencing trading by July 4, reflecting ongoing anticipation and market sentiment surrounding the launch.