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James Seyffart, Bloomberg analyst shared in X that the move to approve spot Ethereum exchange-traded funds (ETFs) in the US “is happening.” According to Seyffart, at least five of the potential Ethereum ETF issuers have filed their amended 19b-4s within a span of 25 minutes.
UPDATE: It's happening. We have at least 5 of the potentials. #Ethereum ETF issuers that have filed their amended 19b-4s in the last ~25 min.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin filed through CBOE. pic.twitter.com/pHGt8iRWi8-James Seyffart (@JSeyff) May 21, 2024
“Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin submitted their data through CBOE,” he added. Form 19b-4 is one of the required documents that must be filed before the SEC can approve an ETF.
However, even with Ethereum spot ETFs approved in the US, Seyffart reflexes This does not mean an immediate launch. Notably, it may take up to months after the approval of Ethereum ETFs before they can be officially traded.
“But these filings prove that all the rumors, speculation and talk have been accurate. We really need to see the SEC approval orders on all the 19b-4s AND THEN we need to see the S-1 approvals. It could be weeks or more before the ETFs launch.” aggregate the Bloomberg analyst in another publication.
Probably a political decision.
Commenting on The Block article On the motivations behind the sudden pivot towards the timely approval of the Ethereum ETF, Seyffart agreed with undisclosed sources who stated that this is “a completely unprecedented situation, which means it is completely political” and that “it is not even “They are still coordinated internally, which is why it is very likely that this is a political decision.”
James's colleague, Bloomberg ETF analyst Eric Balchunas, already He suggested this in a Monday X post, saying that rumors about the SEC's change of stance pointed to “political issues.”
Seyffart concludes his series of posts on admitting that I was wrong about a timely approval of the Ethereum ETF not happening this week, but so was the entire market.
It should be noted that, as reported According to Crypto Briefing, even the most notable fund managers were not expecting a timely approval of the Ethereum ETF in the US this week. Katherine Dowling, general counsel at ETF applicant Bitwise, said that “most people universally expect a disapproval order.” VanEck CEO Jan van Eck also predicted a likely denial during an interview with CNBC.
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