The U.S. Securities and Exchange Commission returned the S-1 forms to prospective Ethereum ETF issuers in the latest round of back and forth before they go effective.

The forms were handed back with light comments, according to a source at one issuer. The issuers have been asked to address the comments and refile them by July 8.

The source noted that when the forms are handed back in, this won't be the final filing. That means there will need to be at least one more round of filings before the ETFs can finally start trading.

"Never ceases to be a winding path," they noted.

The process toward ETFs going live

The S-1 forms are the second part of a two-step process for the ETFs to go live. The first part saw issuers' 19b-4 forms approved in May ahead of a key deadline. However, the S-1s …