Several Ethereum exchange-traded funds (ETFs) issuers, namely VanEck and 21Shares, have submitted updated S-1 forms. 

Eric Balchunas, senior ETF analyst for Bloomberg, stated that there was nothing noteworthy in the updated filings since the issuers are simply putting the ball back into the agency's court. 

Prospective ETF issuers are expected to submit their updated S-1 applications by July 8.  

Last week, Bitwise also updated its S-1 form ahead of the deadline since there was very little substantial feedback from the SEC. 

The S-1 form is the initial registration statement that has to be filed with the agency in order to issue new securities. When it comes to ETFs, such funds are supposed to provide an in-depth description of a given fund. This description should include some risks that are associated with a given investment product. 

ETF issuers are also expected to file 19b-4 applications, which are known as "exchange rule changes." As explained by Matthew Sigel, head of digital research at VanEck, 19b-4 forms, which are required for listing ETF products on the exchange, are usually filed after S-1s. 

At the same time, the two-step ETF approval process involves greenlighting both of these forms by the SEC. In May, the agency shocked the crypto industry by approving several 19b-4 forms for spot Ethereum ETFs. During the same month, financial giant BlackRock updated the S-1 filing for its spot Ethereum ETF product. 

After more than a month of engaging with potential issuers, the SEC is expected to let several spot Ethereum ETFs start trading as soon as this month, according to industry experts. 

Last month, SEC Chair Gary Gensler commented on the closely watched Ethereum ETF approval process, claiming that it was going "swimmingly."