The U.S. Securities and Exchange Commission returned the S-1 forms to prospective Ethereum ETH -1.00091% 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 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 are not bound to any specific deadline and issuers are dependent on how quickly the SEC can turn them around.

While there had been reports that the ETFs could go live as early as July 4, this is now out of the question. Issuers are also not yet aware of when the ETFs will go live. They will only have a clearer picture once the SEC gives them a deadline for the final filings to be handed in.

SEC Chair Gary Gensler previously said that the Ethereum ETF approvals could take place "sometime over the course of this summer" but did not provide any clearer timeline.

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