WisdomTree, a company that offers exchange-traded funds around the world, has taken back its Ethereum Trust S1 Filing from the SEC.
WisdomTree, a prominent provider of exchange-traded funds (ETFs) in the United States, has withdrawn its Ethereum Trust S-1 filing with the Securities and Exchanges Commission (SEC).
The asset manager of New York initially submitted its registration statement for the trust on May 27, 2021. Since that time, the US regulator has not approved or denied its application.
On September 6, WisdomTree submitted a withdrawal request to the Securities and Exchange Commission (SEC) in order to request the retraction of its Ethereum Trust S-1 registration.
On May 27, 2021, the organization submitted the Registration Statement. It also certifies that no securities have been or will be issued or sold in accordance with the Registration Statement.
The platform stated that it would not request a refund for the registration charge it had paid to the SEC. Nevertheless, it requested that the commission retain the fees for future applications in accordance with Rule 457(p) of the Securities Act.
VanEck submitted an application for Ether ETF registration with the Securities and Exchange Commission (SEC) on May 7, 2021. WisdomTree filed a registration for its Ethereum Trust S-1 on May 27, shortly thereafter, asserting that the Ether market was advancing to a stage where it functions efficiently and scales similarly to the maturing Bitcoin market.
During that period, the Securities and Exchange Commission (SEC) expressed its intention to list exchange-traded funds (ETFs) on the Chicago Board Options Exchange’s BZX Exchange. Furthermore, the US regulator had recently initiated the evaluation of Bitcoin ETF applications from SkyBridge and Fidelity.
Although WisdomTree has opted to withdraw its submission request for the Ether ETF, VanEck, a competitor asset manager, has also announced that it will close its futures-based Ether ETF. As spot cryptocurrency ETFs regulated its inflows, the organization asserted that it was facing a demand deficit.
Also on September 16, the VanEck Ethereum Strategy ETF (EFUT) shares will cease trading, and the fund’s assets are anticipated to be liquidated and returned to investors by September 23.
A Wells Notice was recently received by WisdomTree from the SEC, which indicates that a potential enforcement action may be taken in response to alleged violations related to the management of three ESG-themed ETFs. These ETFs were closed in February as a result of minimal investor interest. The company maintains that it is in compliance with regulations, despite the potential consequences.
The CEO of WisdomTree stated, “WisdomTree has consistently complied with all relevant laws and regulations and is committed to participating fully in the Wells Notice process, including responding to the SEC’s concerns.”
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