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Fox Business journalist Eleanor Terrett said on Thursday that the US Securities and Exchange Commission (SEC) has begun discussions with ethereum exchange-traded fund (ETF) issuers regarding their S registration forms. -1. She cited sources who said there is still “work to be done” on those forms.
This could be seen as a positive development, but suggests that there may have been a previous delay in communication.
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NEW: I hear that talks about S-1s have now started to take place between twitter.com/SECGov?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@SECGov staff and issuers, with the conclusion that there is “work to be done” in this regard.
—Eleanor Terrett (@EleanorTerrett) twitter.com/EleanorTerrett/status/1793318042870386949?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>May 22, 2024
In a separate post, Terrett indicated that the SEC could approve 19b-4 filings today, followed by working with issuers on S-1 forms in the coming weeks or months.
Commenting on Terrett's post, Bloomberg ETF analyst James Seyffart said that with significant effort, S-1 filings for ethereum spot ETFs could be resolved within a few weeks. However, he noted that the SEC may need additional time to complete the S-1 review process.
“I think if they work very hard it can be done in a couple of weeks, but there are many examples of this process historically taking more than 3 months,” Seyffart suggested.
Most ETF issuers, including major players such as Fidelity, Bitwise, Grayscale, VanEck, Ark 21Shares, Franklin Templeton and Invesco, filed their amended 19b-4 filings earlier this week. Nasdaq also reintroduced BlackRock's proposed ethereum ETF yesterday.
The clock is ticking as the market prepares for the SEC verdict on ethereum spot funds.
Bloomberg analyst Eric Balchunas suggests a deadline of around 4:00 pm ET for the SEC's announcement on the fate of these ETFs. The decision on spot bitcoin ETFs previously came a little earlier on the designated date.
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My best guess is we'll hear from the SEC tomorrow around 4pm For btc spot they dropped it at 3:45pm, some others in the past did it a little after 4pm Anything possible though https://t.co/MzTOcsmTnJ
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1793393685750546475?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>May 22, 2024
Meanwhile, the price of ethereum has risen 25% over the past seven days, trading at nearly $3,800 at the time of publication, according to data from CoinGecko.
Experts expect that a possible spot approval of the ethereum ETF could trigger a sharp price rise. However, it remains uncertain whether ethereum can replicate bitcoin's price action after the spot fund approval.
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