The issuers received comments on their S-1 forms last week, with a deadline to respond by this Friday. While the issuers saw their 19b-4 forms approved in May, they still need the S-1 forms to become effective before trading can begin. The process has no strict deadline, and the SEC hasn't clarified when the S-1 forms will be approved, beyond saying it will be sometime this summer.

SEC Chair Gary Gensler said the timings would largely depend on how fast the issuers respond to the agency's feedback. A source at one issuer said the latest round of comments were "reasonable," and they're looking forward to approval soon. Another source at another issuer described the comments as "light." Bloomberg Senior ETF Analyst Eric Balchunas, who had posted on X that he had heard similar comments about the progress of the S-1 forms, said he was moving his over/under date for the launch of the products to July 2.

The issuers handed in the first main drafts of their S-1 forms on May 31, following the approval of the 19b-4 forms. While they had initially expected comments to be provided the following week, it took two weeks for them to come in. It's unclear how big the impact of the Ethereum ETFs will be, but some analysts predict they may see up to 20% of the flows that the Bitcoin ETFs saw.

The SEC's approval of Ethereum ETFs has been seen as a significant development in the cryptocurrency market. Ethereum is the second-largest cryptocurrency by market capitalization, and its ETFs are expected to attract significant investor interest. The approval of Ethereum ETFs follows the SEC's approval of Bitcoin ETFs, which have seen significant inflows since their launch.

The launch of Ethereum ETFs is expected to provide investors with a new way to gain exposure to the cryptocurrency market. ETFs are a popular investment vehicle, and their approval for Ethereum is seen as a sign of growing mainstream acceptance of cryptocurrencies. However, the SEC has been cautious in its approach to cryptocurrency ETFs, and has only approved a limited number of funds so far.

The SEC's approval process for Ethereum ETFs has been ongoing for several months. The agency has been working with issuers to address concerns and provide feedback on their applications. The approval of Ethereum ETFs is seen as a significant milestone in the development of the cryptocurrency market, and is expected to pave the way for further innovation and growth in the space.

The SEC's approach to cryptocurrency ETFs has been guided by its commitment to protecting investors and maintaining fair and efficient markets. The agency has been working to ensure that cryptocurrency ETFs meet its standards for investor protection and market integrity. The approval of Ethereum ETFs is a sign that the SEC is willing to work with issuers to bring new products to market, while also ensuring that they meet its regulatory standards.

The launch of Ethereum ETFs is expected to be a significant event in the cryptocurrency market. It will provide investors with a new way to gain exposure to Ethereum, and is expected to attract significant interest from both institutional and retail investors. The approval of Ethereum ETFs is also seen as a sign of growing mainstream acceptance of cryptocurrencies, and is expected to pave the way for further innovation and growth in the space.

In conclusion, the SEC's approval of Ethereum ETFs is a significant development in the cryptocurrency market. It provides investors with a new way to gain exposure to Ethereum, and is expected to attract significant interest from both institutional and retail investors. The approval of Ethereum ETFs is also seen as a sign of growing mainstream acceptance of cryptocurrencies, and is expected to pave the way for further innovation and growth in the space. The SEC's approach to cryptocurrency ETFs has been guided by its commitment to protecting investors and maintaining fair and efficient markets, and its approval of Ethereum ETFs is a sign that it is willing to work with issuers to bring new products to market, while also ensuring that they meet its regulatory standards.