Nonetheless, the S-1 forms are the second of the two-part process required for the products to go live.

The 8-A form is a registration document that companies file with the SEC to register a class of securities for trading on a national securities exchange.

Bloomberg ETF analysts Eric Balchunas explained on X, “Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch.”

Gensler insisted that the launch depends on the applicants, not the regulator. “It’s really about the asset managers making the full disclosure so that those registration statements can go effective,” Gensler said.

“It’s something our Division of Corporation Finance handles hundreds if not thousands of times over anybody’s career,” he added. “It’s smoothly functioning — it’s really up to the asset managers to make the proper disclosures.”