• SEC mandates final S-1 filings for Ether ETFs by July 16, launch set for July 23.
• Invesco, Galaxy set fees at 0.25%; VanEck, Franklin Templeton at 0.20% and 0.19% respectively.
• Analysts predict Ether ETFs could attract $5 billion to $10 billion in new inflows.

The United States Securities and Exchange Commission (SEC) has issued final directives to asset managers poised to launch Ethereum exchange-traded funds (ETFs). As reported by Bloomberg analyst Eric Balchunas, the SEC requires issuers to submit their finalized S-1 filings by July 16, with a targeted launch date for the new Ether ETFs set for July 23.

The filings must detail the management fees that will be charged.

This move follows the SEC’s approval on May 23 of issuers’ 19-b form, which proposed rule changes to permit crypto-based investment vehicles.

Now, asset managers are required to obtain approval for their initial securities registration S-1 forms, marking a significant step toward the official launch of Ether ETFs.

Several prominent financial institutions are competing for SEC approval and the opportunity to introduce Ether ETFs to the market. Notable names include BlackRock, Grayscale, Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, Hashdex, and Franklin Templeton.

Firms have set varying Ethereum ETF fee structures

Invesco and Galaxy have set their management fees at 0.25%, slightly higher than those of VanEck and Franklin Templeton, which have disclosed fees of 0.20% and 0.19%, respectively.

However, these fees are considerably lower than the 2.50% management fees charged by Grayscale’s existing Ethereum Trust.

Grayscale, which plans to launch a new spot Ethereum ETF, has yet to disclose its new fee structure.

This competitive fee landscape is expected to benefit investors, making Ether ETFs an attractive option for those looking to gain exposure to Ethereum.

Lower fees can enhance overall returns, particularly in the long term, and are likely to attract a broad base of investors.

Potential market impact of Ether ETFs’ approval

The SEC’s approval process for Ether ETFs is anticipated to follow a trajectory similar to that of Bitcoin ETFs. Analysts predict that Ether ETFs could draw substantial interest from investors, potentially attracting up to $10 billion in new inflows in the months following their launch.

Tom Dunleavy, a managing partner at crypto investment firm MV Global, has suggested that the success of Bitcoin ETFs, which saw $15 billion in flows, indicates a promising future for Ether ETFs. He estimates that Ether ETFs could see inflows ranging between $5 billion and $10 billion.

The introduction of Ether ETFs marks a significant milestone in the cryptocurrency investment landscape. It represents a step toward greater mainstream acceptance and accessibility of digital assets, providing investors with new opportunities to diversify their portfolios.

As the July 23 launch date approaches, all eyes will be on the SEC and the asset managers vying for approval, eager to see the impact of these innovative investment products on the market.

Dogecoin (CRYPTO: DOGE) traded 1.8% higher at $0.135 in the 24 hours leading up to early Wednesday morning.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved higher in tandem with other major coins as the global cryptocurrency market cap rose 2.7% to $2 trillion at press time.

DOGE was among the most mentioned coins on Twitter. It attracted 274 tweets at press time over 24 hours, according to Cointrendz data.

The three most mentioned coins — Bitcoin, Ethereum, and Terra — attracted 3,067, 923, and 488 tweets respectively in the period. 

Major coins decoupled from U.S. stocks on Tuesday and traded higher. The narrative of “being a permissionless and censorship-resistant way of transferring value” helped buoy Bitcoin, according to GlobalBlock analyst Marcus Sotiriou.

DOGE is nearing a critical moment with $0.15 a key level for the meme coin. If this level holds resistance, DOGE could see a strong move back lower, Benzinga’s Tyler Bundy wrote on Tuesday. 

Meanwhile, Dogecoin-bull and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk responded to a meme about DOGE acceptance by businesses.

Musk tagged McDonald’s Corporation (NYSE:MCD) in a response to the theme which simply included a period as text. 

.@McDonalds

— Elon Musk (@elonmusk) March 2, 2022

Dogecoin Chatter: DOGE co-creator Billy Markus commented on the recent recovery in cryptocurrency prices despite the world grappling with the Russia-Ukraine crisis.

hey crypto keeps doing good

good job crypto you thing that people are buying to hedge against the world being a total disaster

— Shibetoshi Nakamoto (@BillyM2k) March 2, 2022

Timothy Stebbing, a product lead at the Dogecoin Foundation, tweeted that the  Libdogecoin 0.1 release is coming along. 

The official Libdogecoin (C with bindings) 0.1 release is coming along and we’re keen for exchanges to use standard validation funcs for Doge addresses, as we get reports from people saying some exchanges won’t accept some valid address. What languages are most in demand?

— Timothy Stebbing (@tjstebbing) March 2, 2022

Stebbing also polled his followers on what languages are most in demand. At press time, Python took the lead with 72.6% voting in favor, followed by Node.js, Golang and Others at 13.7%, 5.3% and 8.4%, respectively. Notably, just 94 respondents had voted on the poll at press time.

Libdogecoin is a complete implementation of the Dogecoin Protocols as a “C” language library which will allow anyone to build a DOGE compliant product without worrying about specifics of the crypto functions.

Read Next: High Demand For Bitcoin Amid Russian Invasion Lead To Apex Crypto Trading At Big Premium In Ukraine

As the White House has set out to etch out a U.S. Crypto Policy, the Biden Administration is all set to aim for the same via an executive order to be sent out in February. The executive order will ask for reports from federal agencies.
It will be the first of its kind, an initial government-wide strategy for digital assets. Federal agencies will be tasked to study the risks and opportunities.

Fed holds meetings to decide on a strategy

Senior administration officials are holding hectic parleys to plan an effective strategy for Digital Currencies. The blueprint is vague and ambiguous. However, experts feel that the Federal Reserve has taken the first tentative steps towards creating a CBDC. The hardest part is designing a CBDC that satisfies Congress and the White House while smoothly transitioning into the payment and banking systems without disruption.

The hard part will involve the Fed sorting through how to design a central bank digital coin (CBDC) in a way that meets the approval of both the executive and legislative branches. As a result, Fed officials are demanding ideally a specific authorizing law that will enable the framing of a Crypto policy.

US Congress open to CBDC

The Congress has been open to creating CBDC though the Fed will need to sort through details to satiate both parties. Meanwhile, the Senate Banking Committee Chairman Sherrod Brown (D-OH) hailed the Fed’s report as a positive step towards designing a central bank digital currency that will bring more Americans into our banking system. He added that he would look forward to working with Federal Reserve and the Biden Administration to ensure that workers, small businesses, community banks, and credit unions can continue to participate in the digital economy.

He was supported by Republican Senator Pat Toomey, a ranking Banking Committee member who called the step the acknowledgment that cryptocurrency is here to stay. The only concern which Senator Pat Toomey expressed was how the Fed would protect Americans’ privacy. The Fed has not revealed how it would preserve consumer transaction data. The Fed report also does not clarify if the CBDC would not allow direct peer-to-peer transactions.

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