SEC Postpones Ethereum ETF Until July 8, Here's Why!

JAKARTA - The price of Ethereum (ETH) is recovering at the weekend after the ETF ETH Decree was postponed until July 8. On July 1, ETH reached a level of 3,520 US Dollars (around Rp57 million), out of the previous descent canal. However, uncertainty arose as the SEC delayed a decision regarding the ETF ETH spot until July 8.

Reporting from CCN, the launch of the ETF Ethereum spot AS, which was originally planned for July 2, has been postponed. The SEC returned the S-1 form with minor comments, asking the publisher to send back until July 8. SEC chairman Gary Gensler showed that approval may come this summer. The ongoing process between the SEC and the publisher can continue, as this may not be a final submission. The approval of the S-1 form is the second stage in the launch of the Ethereum spot ETF. The first stage involved the 19b-4 form, which was approved by the SEC in May.

Earlier, in June, publishers updated the registration statement at an initial sponsorship and investment fee. For example, Franklin Templeton revealed a 0.19% sponsorship fee and free trading for initial assets, while VanEck reported a 0.20% reduction in costs for the first asset of 1.5 billion US Dollars (approximately IDR 24.5 trillion). In addition, publishers such as Invesco Galaxy, Grayscale, Fidelity, and BlackRock revealed substantial initial investments to support their ETF.

Meanwhile, the price of Ethereum surged from a downward trend line on May 17, rising parabolicly to close to 4,000 US Dollars (approximately IDR 65 million) on May 27 "an increase of 38% from its lowest level on May 13 of US$2,870 (approximately IDR 47 million). However, in the short time after that, ETH experienced a decline, forming a descent canal of up to 3,200 US Dollars (approximately IDR 52 million) on June 24.