Katherine Dowling, Bitwise’s Chief Compliance Officer, announced that spot Ethereum ETFs are nearing approval. She mentioned that the SEC is open to discussions about various products.
SEC and ETF Issuers Reduce Issues
On July 9, Dowling informed Bloomberg that the SEC and ETF issuers are addressing fewer issues with each S-1 amendment, indicating an impending launch. She emphasized that SEC chair Gary Gensler is committed to approving issuers’ registration statements over the summer, although the exact timeline remains flexible. Dowling remarked:
“You know, everyone has a different definition of summer. It’s been a little bit of a long, hot summer for the issuers waiting ….”
Bitwise’s Unique Position
Dowling stated that Bitwise aims to distinguish itself from other applicants, including major players like BlackRock and Fidelity, by leveraging its years of experience as a “crypto specialist.” Bitwise submitted its latest amendment on July 3, while many other applicants filed by the July 8 deadline. Future amendments will still need to include additional details, such as the sponsor’s fees.
SEC Welcomes Discussions on New Products
Dowling also revealed that Bitwise has discussed potential new products with the SEC. She described these conversations as positive, noting:
“I think our communication with the SEC about the prospects for these products has actually been quite welcoming.”
She concurred with Bloomberg ETF analyst Eric Balchunas, suggesting that some products might only receive approval under a new SEC chair. Otherwise, it could take significant time to bring these products to market due to past approval histories and the absence of underlying future markets.
Pending Spot Crypto ETFs
Dowling did not specify which products are under consideration. Currently, the only other pending spot crypto ETFs are VanEck and 21Shares’ spot Solana (SOL) ETFs. As of now, Bitwise has not applied for a similar product.
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