ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated that the SEC, led by Gary Gensler, has rejected the application for the Solana ETF, and it is expected that the issuer will resubmit the application after the new SEC chairman Paul Atkins takes office.

ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated that the SEC, led by Gary Gensler, has rejected the application for the Solana ETF, and it is expected that the issuer will resubmit the application after the new SEC chairman Paul Atkins takes office.

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on social media that, according to two informed sources, negotiations between SEC staff and issuers looking to launch a SOL spot ETF have "made progress."The SEC is currently processing the S-1 application for the SOL spot ETF. These informed sources indicated that it is "very likely" to see exchange representatives of potential issuers submit some 19b-4 documents in the coming days, which is the next step in the ETF approval process.ETF issuers stated that, based on recent staff engagement, along with the incoming government supportive of cryptocurrency, there is currently a new sense of optimism that the Solana ETF may be approved sometime in 2025.

ChainCatcher reported that, according to sources cited by The Block, the U.S. SEC had discussions with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security before Cboe BZX removed the related 19b-4 form for the Solana ETF from its website.After discussions, the SEC and Cboe agreed not to submit the 19b-4 form to the Federal Register. The 19b-4 documents submitted by Cboe on behalf of the ETF issuers over the weekend are no longer visible on the exchange's website. They are also currently not in the Federal Register. For the ETF to be approved, the 19b-4 form must first be approved, and the S-1 registration statement must also be effective.Currently, VanEck's S-1 registration statement for the Solana ETF is still visible in the SEC's EDGAR filing system. However, the S-1 registration statement for 21Shares no longer appears in search results, but the direct link remains valid.The source indicated that it was not surprising for issuers that the SEC took this position, given that the SEC had previously referred to Solana as a security in multiple court documents. The source mentioned that they expect new filings or revisions to the 19b-4 in the future, attempting to prove that Solana is not a security.Although Bitcoin and Ethereum spot ETFs have cleared regulatory hurdles and begun trading, most market observers had anticipated that the SEC would be more reluctant to approve new Solana funds.

ChainCatcher news, according to Reuters, three industry insiders have stated that the U.S. Securities and Exchange Commission (SEC) has preliminarily approved at least three asset management companies to begin trading Ethereum spot ETFs starting next Tuesday, while a total of eight asset management companies wish to launch such funds. The insiders indicated that the approval is contingent upon the applicants submitting final issuance documents to the regulators before this weekend. One of the insiders mentioned that all eight companies are expected to launch such funds simultaneously. A spokesperson for the U.S. Securities and Exchange Commission (SEC) stated that the agency does not comment on individual applications.Industry insiders revealed that the applications from eight asset management companies, including BlackRock, VanEck, and Franklin Templeton, are likely to receive SEC approval on Monday afternoon, July 22, and the related products are expected to begin trading the following day.

ChainCatcher news, according to The Block, sources say that Ethereum ETF issuers are waiting for the SEC to provide details on the final documents.A source from one of the issuers stated, "The next step is to wait for the SEC's feedback to see what to do next. Do they need a final draft? When do they need it?" They noted that the SEC's upcoming feedback will be highly valuable.After their 19b-4 form was approved in May, they have been in the second part of a two-step process: negotiating the S-1 form back and forth with the U.S. Securities and Exchange Commission. Unlike the first form, the S-1 form does not have a deadline for effectiveness, but it still needs to be submitted before the ETF officially launches. The SEC has provided multiple rounds of comments for the issuer to modify the form, with each round taking several weeks. However, the issuer is beginning to hope that this process may be nearing its end.A source from another issuer stated, "The SEC is continuing its review, and we seem to be getting closer to final approval. We expect there will be a final document, but the specific timing is still unclear."

ChainCatcher news, according to CoinDesk, asset management companies Invesco and Galaxy's Ethereum spot ETF will charge investors a management fee of 0.25%, slightly higher than the 0.20% disclosed by VanEck last month.Analysts believe that the management fee is used by the issuer to cover the fund's maintenance costs, such as marketing expenses, salaries, and custodial services. Most Bitcoin spot ETF issuers have chosen rates between 0.19% and 0.30%, and Ethereum ETF issuers may do the same.

ChainCatcher news, according to The Block, following VanEck's submission of a revised S-1 registration statement, 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale also submitted amended S-1 registration statements before the deadline.VanEck stated that it will waive the fees for its spot Ethereum ETF from the outset, while Franklin Templeton has set its fee at 0.19%. Some issuers, such as BlackRock, have not yet set their fees.

According to ChainCatcher news, citing sources familiar with the matter, the U.S. Securities and Exchange Commission has returned the S-1 form to potential Ethereum spot ETF issuers, but with only a few comments attached. The issuers have been asked to address these comments and resubmit by July 8. This means that at least one more round of filings is required before the ETF can finally begin trading.

ChainCatcher news, Bloomberg ETF analyst Eric Balchunas posted on social media, "It is expected that later this afternoon, Ethereum spot ETF issuers will submit a series of amended S-1 forms, and then the SEC will notify the issuers about the final modifications and effectiveness (i.e., final approval). It is anticipated that the Ethereum spot ETF will launch on July 2."

According to ChainCatcher, The Block reported that two insiders revealed that the proposed Ethereum spot ETF issuer received comments on the S-1 filing from the U.S. SEC last week and plans to submit a response by this Friday. A source from one of the issuers stated that the latest round of comments is "reasonable" and is expected to be approved soon.Another insider mentioned, "I expect someone will submit the documents soon this week, and then we'll see how many more rounds of applications are needed."In May of this year, the Ethereum spot ETF 19b-4 form was approved, after which the issuer submitted the first round of S-1 drafts. SEC Chairman Gary Gensler stated that the approval timeline for the S-1 will largely depend on how quickly the issuer responds to the SEC's feedback.

ChainCatcher news, according to Jinshi reports, SEC Chairman Gary Gensler stated at a Senate Appropriations Committee hearing on Thursday: "Individual spot Ethereum ETF issuers are still in the process of registration, and progress is smooth. The final approval of a few issuers' registration statements depends on the quality of the information disclosed by investors."

ChainCatcher news, according to The Block, two informed sources revealed that the issuer of the Ethereum spot ETF is still waiting for comments from the SEC after submitting the first round of S-1 form drafts on May 31. The issuer originally expected the SEC to comment on these drafts by June 7. However, at least two issuers have not yet received any feedback. One informed source stated that they now expect a response this week.Previously, SEC Chairman Gary Gensler indicated that approving the S-1 form "takes some time." It is still unclear how long this process will take. One source had previously stated that they expect the S-1 form to go through at least two more rounds of draft documents before it is ready.

ChainCatcher news, according to The Block, two insiders revealed that the SEC has requested issuers to submit the S-1 draft by Friday. After that, the SEC will provide the first round of comments and ultimately make further modifications.On the day the ETF was approved, VanEck immediately submitted a revised version of its S-1 form. On May 30, BlackRock followed suit, detailing that its ETF would use $10 million as seed capital.The details of the seed investment are quite straightforward for the issuers, which means that other aspects of the form may take longer to resolve. They indicated that the S-1 form is expected to go through at least two more rounds of draft submissions before it is ready.

ChainCatcher news, Aegis Custody CEO Serra Wei stated that the discussions between Hong Kong ETF issuers and regulators regarding Ethereum staking have been healthy, and this aligns with the local regulatory framework. Serra Wei, who did not participate in the discussions with the Hong Kong Securities and Futures Commission, believes that incorporating staking into a spot Ethereum ETF would be a milestone event for Hong Kong.