After review, the U.S. Securities and Exchange Commission has returned the S-1 forms to the potential Ethereum ETF issuers. According to sources familiar with the matter, the forms were returned with minor comments, and issuers have until July 8 to address them and resubmit. This move indicates that at least one more round of document submission is necessary before the ETFs can begin trading.
The S-1 forms represent the second phase in the ETF approval process, following the earlier formal approval of the issuers’ 19b-4 forms in May. Read more: 
According to Grayscale, what is the most valuable cryptocurrency? Unlike the 19b-4 forms, there is no specific deadline for submitting S-1, so the timeline depends on the SEC’s processing speed.
Initial expectations for the ETFs to hit the market on July 4th were not met, and issuers are awaiting further guidance from the SEC on when the final documents will be submitted. SEC Chairman Gary Gensler has already hinted at possible approvals during the summer, but specific details remain unclear. 