Bitwise COO: ETH ETF will be approved, SEC is open to new funds

Source: Blockchain Knights

Bitwise COO Katherine Dowling said that the spot Ethereum ETF is "close to the finish line," while noting that the U.S. Securities and Exchange Commission (SEC) is "quite welcoming" to other related products.

On July 9, Dowling told Bloomberg that the SEC and ETF issuers have fewer questions in this S-1 revision, which indicates that the launch of the ETF is nearing completion.

Dowling affirmed SEC Chairman Gary Gensler's statement that the agency will fully approve issuers' registration statements in the summer.

Notably, she described an open time frame. Dowling said: "Everyone has a different definition of summer. This summer is a bit too long for the issuers who are waiting." Dowling added: "Bitwise plans to distinguish itself from applicants such as BlackRock and Fidelity, positioning itself as a 'Crypto asset expert' and continuing to focus on the industry in the future." Bitwise submitted the latest amendment on July 3, and some other applicants also submitted updated documents before the deadline of July 8. Dowling also said that Bitwise has communicated with the SEC about potential new products that are "coming soon." She mentioned, "I think the communication we have with the SEC about the prospects of these products will be very welcome."

However, Dowling also agreed with Bloomberg ETF analyst Eric Balchunas that some products may only be approved under the leadership of the new SEC chairman.

She added: "Otherwise, based on the history of previous product approvals and the lack of future market foundation for potential products, it may take quite a long time to bring these products to market."

Dowling did not disclose the name of the relevant products. Currently, the only other spot Crypto ETFs awaiting approval are VanEck and 21Shares' spot Solana (SOL) ETF.

As of now, Bitwise has not applied for a similar product.