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The SEC has asked one-time ethereum ETF applicants to update their 19-b4 filings, prompting increased optimism around potential approvals, according to sources.
Bloomberg ETF analyst Eric Balchunas said the x.com/EricBalchunas/status/1792636523050906102″>May 20th that the SEC could reverse its expected stance and choose not to reject pending applications. He cited ETF Store President Nate Geraci as saying the SEC could approve listing rules 19-b4 and postpone its decision on S-1 registration statements.
James Seyffart added that he and Balchunas had heard from multiple sources and that several new filings should emerge in the coming days.
FOX Business reporter Eleanor Terret said her sources also twitter.com/EleanorTerrett/status/1792659012065833117″>confirmed that the SEC has told issuers to update 19b-4 filings. He previously said the matter is “evolving in real time.”
Bloomberg's odds are 75%
Balchunas and Seyffart updated their ethereum ETF on-time approval odds to 75% from their most recent predictions of 25% to 30%.
Balchunas also noted that the issue has become an “increasingly political issue,” a topic that has been intensely debated over the past week.
On May 15, Coinbase research analyst David Han suggested that the US election year could influence the SEC's decision. At the time, Balchunas called Han's remarks a “risk-free public relations move” and said his own predictions carried more risks to his reputation.
Bankless founder Ryan Sean Adams, who agreed that politics could play a role in approvals at the time of the Coinbase report, supported Balchunas' statements today. He x.com/RyanSAdams/status/1792638147341201572″>answered:
“This is what political pressure can do during election years.”
Some commentators remain pessimistic. Ron Hammond, Director of Government Relations at the Blockchain Association x.com/RonwHammond/status/1792593240400474618″>saying on May 20 that many believe the SEC will reject applications based on political indicators and comments from issuers.
The first deadline is approaching
Deadlines are approaching quickly. The SEC is due to decide on VanEck's proposal for a spot eth ETF on May 23, but can decide on multiple applications simultaneously.
Prediction market Polymarket now suggests a 10% chance that an ethereum spot ETF could be approved by the end of May, based on cryptocurrency-backed bets.
The latest developments coincide with a sudden growth in the price of eth. The price of ethereum is up 20% in 24 hours, with most of those gains coming within two hours of Balchunas' announcement. The cryptocurrency market is up 6.7% in 24 hours, while bitcoin is up 5.2%.
The post Bloomberg Analysts Revisit eth ETF Approval Odds at 75% Amid Rumors of SEC Change appeared first on CryptoSlate.
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