James Seyffart, Bloomberg analyst has provided information on when ethereum Spot ETF could start operating if the crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>Securities and Exchange Commission (SEC) will approve these funds. Based on his comments, it could be weeks or months before these funds are launched, even if approval comes this week.
S-1 filings must be approved before trading can begin
Seyffart mentioned in an x (formerly twitter) x.com/JSeyff/status/1792650597377757456″ rel=”nofollow” target=”_blank”>mail that S-1 approvals are necessary before ethereum Spot ETFs can go live and that it could take “weeks or months” for this approval to arrive. He made this statement and clarified that his 75% approval chances were only related to the deadline. for 19b-4 filings, and the final deadline for VanEck and Ark 21Shares will be May 23 and 24, respectively.
Seyffart and his colleague Eric Balchunas We predict that the SEC will likely at least approve VanEck's request on or before May 23, as this is the final deadline for the Commission to decide on the matter. Until now, the SEC was expected to reject these requests, mainly because there were reports that it considered ethereum a security.
However, Balchunas ethereum/ethereum-price-up-20-today/#:~:text=The%20Ethereum%20price%20has%20risen,of%20the%20Spot%20Ethereum%20ETFs.” rel=”nofollow noopener” target=”_blank”>revealed in a publication The SEC has already shown its willingness to approve these funds, have informed Nasdaq, the Chicago Board Options Exchange (CBOE) and the New York Stock Exchange (NYSE) to update their filings.
The initiates have also reclaimed That the SEC's response to these exchanges is a positive sign and shows that the regulator could be willing to approve these investment funds. Steven McClurg, head of US asset management at CoinShares, also said Reuters that ethereum ETFs could take months to begin trading since, unlike exchange filings, there is no set deadline for the SEC to approve registration filings.
However, the SEC has shown that it can approve 19b-4 and S-1 filings simultaneously, just as it did with the bitcoin Spot ETF, which was immediately launched thanks to this. The only difference between then and now is that the SEC constantly communicated with issuers weeks before bitcoin ETFs were approved.
Fidelity and Grayscale Eliminate ethereum Spot ETF Participation Plans
Asset managers Fidelity and Grayscale have eliminated their plans to participate in their Updated S1 Presentations. This is to be expected, considering that the staking feature is a big part of why the SEC is rumored consider eth as a security. However, removing this staking offer again suggests that the SEC will approve these funds as long as eth staking is not included.
Meanwhile, Seyffart noted in a x.com/JSeyff/status/1793061065665687893″ rel=”nofollow” target=”_blank”>x publication that its chances of approval remain at 75% since the elimination of participation plans was expected.
At the time of writing, ethereum is trading around $3,700, up more than 3% in the last 24 hours, according to ethereum/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
